French Lick, Indiana Property Taxes
The median property tax rate in French Lick, IN is 0.58%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in French Lick at $98,600, the typical annual property tax bill reaches $591, significantly below the national median of $2,690. Property taxes in French Lick 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 French Lick'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 French Lick 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
French Lick, 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 French Lick Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in French Lick. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in French Lick to provide an estimate of your property tax bill. This helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. The assessed value of your property is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across French Lick, Indiana
Property taxes in French Lick, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in French Lick is 0.58%, which is below the U.S. national median of 0.99%. Local government entities within French Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, French Lick 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 French Lick's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47432 has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with French Lick provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average French Lick Tax Rate
0.58%
Average Martin County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | 0.35% | 0.45% | 0.58% | 1.30% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across French Lick, Indiana
In French Lick, 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 Martin 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 French Lick, 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 French Lick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in French Lick is $98,600, with the highest median tax bill recorded at $591 in zip code 47432.
Average French Lick Assessed Value
$98,600
Average Martin County Assessed Value
$107,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | $22,580 | $54,350 | $98,600 | $146,600 | $182,220 |
Source: Ownwell
Property Tax Bills Across French Lick, Indiana
In French Lick, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in French Lick, the median home price is $98,600. The property tax rate in this area results in a median tax bill of $591, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in French Lick can expect tax bills to vary widely; for instance, the 25th percentile tax bill is $367, while the 75th percentile tax bill is $985, and the 90th percentile tax bill reaches $1627. These variations can significantly impact homeowners' annual expenses, making it essential for property owners to understand their assessed values and any potential exemptions they may qualify for to manage their property tax obligations effectively.
Average French Lick Tax Bill
$591
Average Martin County Tax Bill
$728
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across French Lick, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47432 | $208 | $367 | $591 | $985 | $1,627 |
Source: Ownwell