Lucerne, Indiana Property Taxes
The median property tax rate in Lucerne, IN is 0.50%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Lucerne at $135,850, the typical annual property tax bill comes to $736, which is well below the national median of $2,690. Property taxes in Lucerne are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Lucerne'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 Lucerne 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
Lucerne, 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 Lucerne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lucerne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lucerne 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 Lucerne, Indiana
Property taxes in Lucerne, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lucerne is 0.50%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lucerne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lucerne 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 Lucerne's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46950 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Lucerne provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lucerne Tax Rate
0.50%
Average Fulton County Tax Rate
0.68%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lucerne, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46950 | 0.28% | 0.36% | 0.50% | 0.62% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Lucerne, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lucerne, 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 Fulton 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 Lucerne, 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 Lucerne is $135,850, with tax bills ranging from $375 at the 25th percentile to $1,360 at the 75th percentile, and up to $1,992 at the 90th percentile. 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 Lucerne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lucerne Assessed Value
$135,850
Average Fulton County Assessed Value
$110,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lucerne, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46950 | $85,940 | $95,875 | $135,850 | $281,350 | $407,570 |
Source: Ownwell
Property Tax Bills Across Lucerne, Indiana
In Lucerne, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Lucerne can expect varying tax bills depending on their property's assessed value and the local tax rate set by Fulton County. Factors influencing the tax bill include the home's assessed value, applicable exemptions, and the tax rate. For instance, the median home price in Lucerne is $135,850. Tax bills can range significantly, with the 25th percentile at $375 and the 75th percentile at $1,360. At the 90th percentile, homeowners might see bills as high as $1,992. These rates are relatively competitive compared to the national median property tax rate of 0.99%, offering homeowners in Lucerne a favorable tax environment. This system ensures that property taxes are proportionate to home values, balancing the tax burden across the community.
Average Lucerne Tax Bill
$736
Average Fulton County Tax Bill
$797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lucerne, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46950 | $252 | $375 | $736 | $1,360 | $1,992 |
Source: Ownwell