Laketon, Indiana Property Taxes
The median property tax rate in Laketon, Indiana is 0.43%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $79,700 in Laketon, the typical annual property tax bill amounts to $316, which is well below the national median of $2,690. Property taxes in Laketon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Laketon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Laketon or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laketon, 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 Laketon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laketon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laketon 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 Laketon, Indiana
Property taxes in Laketon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laketon is 0.43%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Laketon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laketon 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 Laketon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46943 zip code has both the highest and the lowest median property tax rate of 0.43%. Understanding how these areas compare with Laketon provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laketon Tax Rate
0.43%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laketon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46943 | 0.22% | 0.26% | 0.43% | 1.08% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Laketon, Indiana
In Laketon, 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 Wabash 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 Laketon, 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. The median home price in Laketon is $79,700. 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 Laketon is $316 in the 46943 zip code, while the lowest is also $316 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laketon Assessed Value
$79,700
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laketon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46943 | $45,600 | $63,500 | $79,700 | $99,700 | $124,100 |
Source: Ownwell
Property Tax Bills Across Laketon, Indiana
In Laketon, Wabash County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value reflects the market value of the property. Homeowners in Laketon experience a range of property tax bills, influenced by factors such as property size, location, and improvements. For instance, the median home price in Laketon is $79,700. The property tax bill at the 25th percentile is $192, while at the 75th percentile, it is $657, and at the 90th percentile, it reaches $1020. Notably, the highest median tax bill recorded in the area is $316, located in the 46943 zip code. These figures highlight the variability in property tax obligations, impacting homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Laketon's property taxes can be relatively manageable, offering some relief to homeowners in the area.
Average Laketon Tax Bill
$316
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laketon, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46943 | $135 | $192 | $316 | $657 | $1,020 |
Source: Ownwell