Pleasant Lake, Indiana Property Taxes
The median property tax rate in Pleasant Lake, IN is 0.49%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Pleasant Lake at $122,850, the typical annual property tax bill is $560, well below the national median of $2,690. Property taxes in Pleasant Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Pleasant Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pleasant Lake 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
Pleasant Lake, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$602
Ownwell’s Pleasant Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pleasant Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pleasant Lake 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 Pleasant Lake, Indiana
Property taxes in Pleasant Lake, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Pleasant Lake is 0.49%, which is significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Pleasant Lake set these rates annually, and they can vary across different neighborhoods. Each year, Pleasant Lake 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 Pleasant Lake's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 46779 has the highest and lowest median property tax rate of 0.49%. Understanding how these areas compare with Pleasant Lake provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pleasant Lake Tax Rate
0.49%
Average Steuben County Tax Rate
0.76%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pleasant Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46779 | 0.24% | 0.35% | 0.49% | 0.78% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Pleasant Lake, Indiana
In Pleasant Lake, 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 Steuben 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. 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 Pleasant Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pleasant Lake is $122,850, with tax bills ranging from $285 at the 25th percentile to $998 at the 75th percentile, and reaching $1,623 at the 90th percentile. The zip code 46779 has the highest and lowest median tax bill of $560.
Average Pleasant Lake Assessed Value
$122,850
Average Steuben County Assessed Value
$162,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pleasant Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46779 | $24,370 | $63,250 | $122,850 | $204,900 | $314,120 |
Source: Ownwell
Property Tax Bills Across Pleasant Lake, Indiana
In Pleasant Lake, Steuben County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government officials who evaluate the property's market value. Once assessed, the property tax rate, which is set by the local taxing authorities, is applied to this value. For homeowners in Pleasant Lake, the tax bill can vary significantly. For instance, the 25th percentile tax bill is around $285, while the 75th percentile tax bill reaches up to $998. At the 90th percentile, homeowners might see a tax bill as high as $1,623. These figures highlight the variability in tax obligations depending on the assessed value of the property and the applicable tax rate. Compared to the national median property tax rate of 0.99%, Pleasant Lake's tax rates reflect the local economic conditions and funding needs. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual household expenses.
Average Pleasant Lake Tax Bill
$560
Average Steuben County Tax Bill
$967
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Pleasant Lake, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46779 | $126 | $285 | $560 | $998 | $1,623 |
Source: Ownwell