Gary, Indiana Property Taxes
The median property tax rate in Gary, IN is 1.31%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Gary, the typical annual property tax bill reaches $733, which is below the national median of $2,690. Property taxes in Gary 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 Gary'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 Gary 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
Gary, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$612
Ownwell’s Gary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gary 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 Gary, Indiana
Property taxes in Gary, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gary is 1.31%, higher than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Gary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gary 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 Gary's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46409 zip code has the highest median property tax rate of 2.29%, while the 46403 zip code has the lowest median tax rate of 1.09%. Understanding how these areas compare with Gary provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gary Tax Rate
1.31%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gary, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46402 | 0.30% | 1.09% | 2.06% | 2.45% | 2.54% |
| 46403 | 0.74% | 0.95% | 1.09% | 2.08% | 2.43% |
| 46404 | 0.23% | 1.01% | 1.21% | 2.32% | 2.57% |
| 46406 | 0.23% | 0.96% | 1.21% | 2.27% | 2.46% |
| 46407 | 0.33% | 0.96% | 1.86% | 2.27% | 2.50% |
| 46408 | 0.72% | 0.98% | 1.14% | 2.11% | 2.47% |
| 46409 | 0.88% | 1.11% | 2.29% | 2.49% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Gary, Indiana
In Gary, 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 Lake 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 Gary, 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 Gary is $46,700, with tax bills ranging from $395 at the 25th percentile to $1,661 at the 90th percentile. The highest median tax bill is $1,252 in the 46403 zip code, while the lowest is $542 in the 46407 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gary Assessed Value
$46,700
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gary, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46402 | $11,000 | $27,525 | $38,650 | $50,900 | $77,800 |
| 46403 | $34,800 | $51,300 | $99,750 | $187,500 | $296,490 |
| 46404 | $27,660 | $37,700 | $48,700 | $71,850 | $106,400 |
| 46406 | $20,500 | $33,800 | $42,900 | $55,000 | $71,660 |
| 46407 | $11,000 | $25,800 | $36,700 | $48,100 | $63,700 |
| 46408 | $25,720 | $40,600 | $58,700 | $88,800 | $122,300 |
| 46409 | $11,700 | $25,800 | $38,400 | $49,100 | $62,800 |
Source: Ownwell
Property Tax Bills Across Gary, Indiana
In Gary, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. The assessed value is a percentage of the market value, and this figure is then multiplied by the property tax rate to determine your tax bill. For homeowners in Gary, the median home price is $46,700. Property tax bills can vary significantly, with the 25th percentile at $395 and the 75th percentile reaching $1,122. At the 90th percentile, homeowners might see tax bills as high as $1,661. Factors influencing your property tax bill include the assessed value, local tax rates, and any applicable exemptions. For instance, the highest median tax bill in Gary is found in the 46403 zip code at $1,252, while the lowest is in the 46407 zip code at $542. Compared to the national median property tax rate of 0.99%, Gary's property tax rates can significantly impact homeowners, potentially making housing more affordable or more burdensome depending on the assessed value and applicable exemptions.
Average Gary Tax Bill
$733
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Gary, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46402 | $106 | $301 | $612 | $971 | $1,290 |
| 46403 | $406 | $723 | $1,252 | $2,086 | $3,576 |
| 46404 | $105 | $396 | $763 | $1,122 | $1,572 |
| 46406 | $105 | $337 | $569 | $898 | $1,166 |
| 46407 | $105 | $264 | $542 | $838 | $1,152 |
| 46408 | $228 | $495 | $839 | $1,207 | $1,645 |
| 46409 | $174 | $344 | $620 | $963 | $1,245 |
Source: Ownwell