Hammond, Indiana Property Taxes
The median property tax rate in Hammond, IN is 1.22%, considerably higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Hammond, the typical annual property tax bill reaches $1,760, which is lower than the national median of $2,690. Property taxes in Hammond 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 Hammond'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 Hammond 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
Hammond, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,516
Ownwell’s Hammond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammond 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 Hammond, Indiana
Property taxes in Hammond, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 1.22%, higher than the U.S. national median of 0.99%. Local government entities within Hammond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammond 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 Hammond's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46411 zip code has the highest median property tax rate of 2.60%, while the 46321 zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with Hammond 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 Hammond Tax Rate
1.22%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46320 | 0.85% | 1.10% | 1.24% | 2.53% | 2.56% |
| 46321 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| 46322 | 1.11% | 1.22% | 1.25% | 1.29% | 2.57% |
| 46323 | 1.02% | 1.17% | 1.22% | 1.30% | 2.54% |
| 46324 | 1.07% | 1.18% | 1.22% | 1.70% | 2.54% |
| 46327 | 0.91% | 1.14% | 1.20% | 2.51% | 2.55% |
| 46394 | 1.48% | 1.82% | 2.40% | 2.98% | 3.32% |
| 46411 | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Indiana
In Hammond, 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 Hammond, 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. For instance, the median home price in Hammond is $124,300, with tax bills ranging from $1,315 at the 25th percentile to $3,125 at the 90th percentile. The highest median tax bill in Lake County is $3,320 in the 46321 zip code, while the lowest is $1,548 in the 46327 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hammond Assessed Value
$124,300
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 Hammond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46320 | $66,100 | $79,300 | $94,800 | $118,500 | $152,800 |
| 46321 | $301,400 | $301,400 | $301,400 | $301,400 | $301,400 |
| 46322 | $123,140 | $136,400 | $160,000 | $178,725 | $223,730 |
| 46323 | $94,800 | $109,800 | $130,400 | $159,900 | $192,100 |
| 46324 | $94,700 | $114,000 | $134,800 | $161,100 | $193,100 |
| 46327 | $74,300 | $91,600 | $111,600 | $135,125 | $162,000 |
| 46394 | $36,110 | $63,725 | $109,750 | $155,775 | $183,390 |
| 46411 | $121,000 | $121,000 | $121,000 | $121,000 | $121,000 |
Source: Ownwell
Property Tax Bills Across Hammond, Indiana
In Hammond, Lake County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value generally reflects the market value of the property. Property tax rates in Hammond are applied to this assessed value to determine the annual tax bill. Homeowners in Hammond can expect a wide range of tax bills depending on their property's assessed value and location within the city. For instance, the median home price in Hammond is $124,300. Tax bills can vary significantly, with the 25th percentile tax bill at $1,315 and the 75th percentile tax bill at $2,405. At the higher end, the 90th percentile tax bill reaches $3,125. Comparatively, the highest median tax bill in Lake County is $3,320 in the 46321 zip code, while the lowest is $1,548 in the 46327 zip code. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Hammond Tax Bill
$1,760
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammond, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46320 | $625 | $994 | $1,578 | $2,231 | $2,843 |
| 46321 | $3,320 | $3,320 | $3,320 | $3,320 | $3,320 |
| 46322 | $1,410 | $1,734 | $2,038 | $2,677 | $3,442 |
| 46323 | $1,084 | $1,368 | $1,797 | $2,426 | $3,101 |
| 46324 | $1,113 | $1,461 | $1,862 | $2,559 | $3,342 |
| 46327 | $752 | $1,158 | $1,548 | $2,204 | $2,941 |
| 46394 | $818 | $1,101 | $1,573 | $2,044 | $2,327 |
| 46411 | $3,147 | $3,147 | $3,147 | $3,147 | $3,147 |
Source: Ownwell