Lakeville, Indiana Property Taxes
The median property tax rate in Lakeville, IN is 0.75%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lakeville at $179,400, the typical annual property tax bill amounts to $1,294, which is well below the national median of $2,690. Property taxes in Lakeville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lakeville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Lakeville or another part of Marshall County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeville, 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 Lakeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeville 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 Lakeville, Indiana
Property taxes in Lakeville, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeville is 0.75%, lower than the U.S. national median of 0.99%. Local government entities within Lakeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeville 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 Lakeville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46536 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Lakeville provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeville Tax Rate
0.75%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46536 | 0.50% | 0.65% | 0.75% | 0.82% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Lakeville, Indiana
In Lakeville, 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 Marshall County Assessor's Office 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 Lakeville, 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. For instance, the zip code 46536 has the highest median tax bill at $1,294. 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 Lakeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lakeville Assessed Value
$179,400
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46536 | $100,360 | $141,950 | $179,400 | $214,700 | $243,440 |
Source: Ownwell
Property Tax Bills Across Lakeville, Indiana
In Lakeville, located in Marshall County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Lakeville can expect their tax bills to fall within a range, with the 25th percentile paying around $859 and the 75th percentile paying up to $1,739. For those in the higher range, the 90th percentile tax bill can reach approximately $2,035. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Lakeville's property taxes can be considered relatively moderate. The median home price in Lakeville is $179,400, which serves as a base for calculating the tax bill. Understanding these factors is crucial for homeowners, as property taxes represent a significant annual expense. Properly managing and appealing assessed values can lead to substantial savings.
Average Lakeville Tax Bill
$1,294
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46536 | $509 | $859 | $1,294 | $1,739 | $2,035 |
Source: Ownwell