Lynnville, Indiana Property Taxes
The median property tax rate in Lynnville, Indiana, is 0.68%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lynnville, the typical annual property tax bill reaches $1,108, well below the national median of $2,690. Property taxes in Lynnville 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 Lynnville'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 Lynnville or another part of Warrick County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynnville, 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 Lynnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynnville 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 Lynnville, Indiana
Property taxes in Lynnville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynnville is 0.68%, lower than the U.S. national median of 0.99%. Local government entities within Lynnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynnville 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 Lynnville's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47619 has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Lynnville provides valuable insights into the varying tax landscape across Warrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynnville Tax Rate
0.68%
Average Warrick County Tax Rate
0.75%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynnville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47619 | 0.38% | 0.52% | 0.68% | 0.92% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Lynnville, Indiana
In Lynnville, 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 Warrick 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 Lynnville, 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. Being aware of these valuation processes in Lynnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1108 in the 47619 zip code, while the lowest is also $1108 in the same zip code.
Average Lynnville Assessed Value
$166,700
Average Warrick County Assessed Value
$208,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynnville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47619 | $44,600 | $99,675 | $166,700 | $258,900 | $370,740 |
Source: Ownwell
Property Tax Bills Across Lynnville, Indiana
In Lynnville, property tax bills are calculated based on the assessed value of the property, which is determined by the county's assessor. The assessed value is a percentage of the market value, reflecting what the property might sell for under normal conditions. Several factors influence the assessed value, including the property's location, size, and condition, as well as market trends. Homeowners in Lynnville can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $582, while the 75th percentile tax bill reaches $1959, and the 90th percentile can be as high as $2826. These figures indicate the range of tax obligations homeowners might face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Lynnville's tax bills can seem relatively moderate or high, depending on individual circumstances. This variability underscores the importance of understanding how local assessments and market conditions can impact property tax obligations, ultimately affecting homeowners' financial planning and budgeting.
Average Lynnville Tax Bill
$1,108
Average Warrick County Tax Bill
$1,576
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynnville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47619 | $322 | $582 | $1,108 | $1,959 | $2,826 |
Source: Ownwell