Laurel, Indiana Property Taxes
The median property tax rate in Laurel, IN is 0.95%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Laurel at $148,100, the typical annual property tax bill is $1,614, which is lower than the national median of $2,690. Property taxes in Laurel 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 Laurel'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 Laurel or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurel, 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 Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Indiana
Property taxes in Laurel, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47024 has the highest median property tax rate of 0.95%, while the same zip code also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Laurel provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
0.95%
Average Fayette County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | 0.57% | 0.76% | 0.95% | 1.35% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Indiana
In Laurel, 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 Fayette County Appraisal District 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47024 in Laurel has both the highest and lowest median tax bill, recorded at $1614.
Average Laurel Assessed Value
$148,100
Average Fayette County Assessed Value
$95,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | $93,700 | $117,500 | $148,100 | $211,900 | $322,600 |
Source: Ownwell
Property Tax Bills Across Laurel, Indiana
In Laurel, located in Fayette County, IN, property tax bills are determined based on the assessed value of a property. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value. For instance, the median home price in Laurel is $148,100, which serves as a benchmark for tax calculations. Homeowners in Laurel experience a range of property tax bills. At the 25th percentile, the tax bill is around $973, while at the 75th percentile, it rises to $2,125. The highest tax bills can reach up to $4,902 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Laurel’s property taxes can be significant, impacting household budgets and financial planning. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly. The highest and lowest median tax bills in the area are both $1,614, indicating some consistency in tax assessments within the zip code 47024.
Average Laurel Tax Bill
$1,614
Average Fayette County Tax Bill
$929
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47024 | $570 | $973 | $1,614 | $2,125 | $4,902 |
Source: Ownwell