Lafayette, Indiana Property Taxes
The median property tax rate in Lafayette, IN is 0.72%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lafayette at $259,100, the typical annual property tax bill reaches $1,975, which is below the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette or another part of Clinton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette, 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 Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Indiana
Property taxes in Lafayette, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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. Understanding how Lafayette's effective property tax rate compares to other regions provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
0.72%
Average Clinton County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47905 | 0.57% | 0.61% | 0.72% | 0.76% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lafayette, 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 Clinton 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 Lafayette, 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 Lafayette is $259,100, and the median tax bill ranges from $1,077 at the 25th percentile to $4,418 at the 90th percentile. Notably, the zip code 47905 has the highest median tax bill, which stands at $1,975. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$259,100
Average Clinton County Assessed Value
$124,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47905 | $105,280 | $189,900 | $259,100 | $477,300 | $507,200 |
Source: Ownwell
Property Tax Bills Across Lafayette, Indiana
In Lafayette, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local county assessors who evaluate the market value of the home. This value is then multiplied by the local property tax rate to calculate the tax bill. For Lafayette, located in Clinton County, the property tax rate can vary, but it is essential to note that the national median property tax rate is 0.99%. Homeowners in Lafayette can expect their property tax bills to range significantly. The tax bill for the 25th percentile is $1,077, while it rises to $3,607 for the 75th percentile and $4,418 for the 90th percentile. The highest median tax bill in Lafayette is $1,975, found in the 47905 zip code. These tax bills directly impact homeowners by influencing their annual housing costs and can be a crucial factor in budgeting and financial planning. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Lafayette Tax Bill
$1,975
Average Clinton County Tax Bill
$1,235
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47905 | $632 | $1,077 | $1,975 | $3,607 | $4,418 |
Source: Ownwell