Lincoln City, Indiana Property Taxes
The median property tax rate in Lincoln City, IN is 0.49%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lincoln City, the typical annual property tax bill reaches $525, significantly below the national median of $2,690. Property taxes in Lincoln City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincoln City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lincoln City or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lincoln City, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Lincoln City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln City to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lincoln City, Indiana
Property taxes in Lincoln City, Indiana, are critical for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln City is 0.49%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lincoln City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln City estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lincoln City's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47552 zip code has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Lincoln City provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln City Tax Rate
0.49%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | 0.21% | 0.34% | 0.49% | 0.77% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln City, Indiana
In Lincoln City, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Spencer County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lincoln City, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill in Lincoln City is $525, found in the 47552 zip code, while the lowest median tax bill is also $525 in the same zip code. Being aware of these valuation processes in Lincoln City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lincoln City Assessed Value
$118,550
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | $24,150 | $62,375 | $118,550 | $170,150 | $261,100 |
Source: Ownwell
Property Tax Bills Across Lincoln City, Indiana
In Lincoln City, located in Spencer County, IN, property tax bills are calculated based on the assessed value of a home, which is typically lower than its market value. The local tax rate is then applied to this assessed value. For homeowners in Lincoln City, the median home price is $118,550, which provides a benchmark for understanding property taxes in the area. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile of tax bills is around $241, while the 75th percentile reaches $898, indicating a range of tax liabilities based on property specifics. At the 90th percentile, tax bills can be as high as $1,589. These property taxes significantly affect homeowners by contributing to local services such as schools, infrastructure, and public safety. By comparing the local median tax rate to the national median property tax rate of 0.99%, residents can better understand their tax obligations and how they measure up nationally.
Average Lincoln City Tax Bill
$525
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | $125 | $241 | $525 | $898 | $1,589 |
Source: Ownwell