Griffith, Indiana Property Taxes
The median property tax rate in Griffith, IN is 1.07%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Griffith at $203,800, the typical annual property tax bill reaches $2,219, which is below the national median of $2,690. Property taxes in Griffith 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 Griffith'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 Griffith 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
Griffith, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,181
Ownwell’s Griffith Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Griffith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Griffith 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 Griffith, Indiana
Property taxes in Griffith, Indiana, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Griffith is 1.07%, higher than the U.S. national median of 0.99%. Local government entities within Griffith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Griffith 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 Griffith's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46319 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Griffith 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 Griffith Tax Rate
1.07%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Griffith, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46319 | 0.87% | 1.03% | 1.07% | 1.11% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Griffith, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Griffith, 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 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 Griffith, 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 Griffith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $203,800, with tax bills ranging from $1,837 at the 25th percentile to $3,476 at the 90th percentile. The highest and lowest median tax bill in Griffith is $2,219, both found in the 46319 zip code.
Average Griffith Assessed Value
$203,800
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 Griffith, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46319 | $137,500 | $173,300 | $203,800 | $239,500 | $289,000 |
Source: Ownwell
Property Tax Bills Across Griffith, Indiana
In Griffith, located in Lake County, IN, property tax bills are determined based on the assessed value of a property, which is influenced by various factors including market conditions, property size, and location. The median home price in Griffith stands at $203,800. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,837 and the 75th percentile reaching $2,733. At the higher end, the 90th percentile tax bill can be as much as $3,476. These tax bills are calculated by applying the local tax rate to the assessed value of the property. The highest and lowest median tax bills in Griffith are both $2,219, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Griffith's tax rate suggests a moderately higher burden on homeowners. This impacts homeowners by influencing their overall housing costs and potentially affecting their ability to invest in other areas.
Average Griffith Tax Bill
$2,219
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Griffith, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46319 | $1,293 | $1,837 | $2,219 | $2,733 | $3,476 |
Source: Ownwell