Losantville, Indiana Property Taxes
The median property tax rate in Losantville, IN is 1.08%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $128,200 in Losantville, the typical annual property tax bill amounts to $1,388, surpassing the national median of $2,690. Property taxes in Losantville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Losantville'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 Losantville 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
Losantville, 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 LOSANTVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOSANTVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOSANTVILLE 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 Losantville, Indiana
Property taxes in Losantville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Losantville is 0.87%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Losantville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Losantville 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 Losantville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47354 zip code has the highest median property tax rate of 0.87%, while the 47354 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Losantville provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Losantville Tax Rate
1.08%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Losantville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47354 | 0.56% | 0.80% | 1.08% | 1.69% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Losantville, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Losantville, Indiana. 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 Wayne County Assessment Office 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 Losantville, 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. For instance, the median home price in Losantville is $128,200, with tax bills ranging from $740 at the 25th percentile to $4,899 at the 90th percentile. Notably, the zip code 47354 has the highest and lowest median tax bill, both at $1,388. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, and apply for exemptions to effectively manage the tax burden.
Average Losantville Assessed Value
$128,200
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Losantville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47354 | $68,980 | $95,800 | $128,200 | $202,600 | $325,820 |
Source: Ownwell
Property Tax Bills Across Losantville, Indiana
In Losantville, property tax bills are calculated based on the assessed value of a home, which is determined by the Wayne County Assessor's Office. The assessed value is a percentage of the property's market value. Homeowners in Losantville face a median property tax rate of 0.99%, matching the national median. For a home with a median price of $128,200, this translates to a typical tax bill. However, the actual tax bill can vary significantly. For instance, the 25th percentile tax bill in Losantville is $740, while the 75th percentile tax bill reaches $2,723, and the 90th percentile can go as high as $4,899. Factors such as property improvements, neighborhood changes, and local government budgets can influence these amounts. Homeowners should be aware that their tax bills directly impact their annual expenses, making it crucial to understand how these assessments are calculated and to explore potential exemptions or appeals to manage their financial obligations effectively.
Average Losantville Tax Bill
$1,388
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Losantville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47354 | $562 | $740 | $1,388 | $2,723 | $4,899 |
Source: Ownwell