Lynn, Indiana Property Taxes
The median property tax rate in Lynn, Indiana is 1.79%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lynn at $122,450, the typical annual property tax bill reaches $1,638, exceeding the national median of $2,690. Property taxes in Lynn 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 Lynn'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 Lynn 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
Lynn, 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 Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn 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 Lynn, Indiana
Property taxes in Lynn, Indiana, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn is 1.79%, significantly higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn 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 Lynn's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47355 zip code has both the highest and lowest median property tax rate of 1.79%. Understanding how these cities compare with Lynn provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynn Tax Rate
1.79%
Average Wayne County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47355 | 0.74% | 1.01% | 1.79% | 2.07% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Lynn, Indiana
In Lynn, 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 Wayne 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 Lynn, 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 Lynn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Lynn is $1,638, consistent across all zip codes, notably 47355.
Average Lynn Assessed Value
$122,450
Average Wayne County Assessed Value
$92,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47355 | $66,850 | $106,875 | $122,450 | $127,150 | $209,440 |
Source: Ownwell
Property Tax Bills Across Lynn, Indiana
In Lynn, 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 property tax rate. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Lynn is $122,450, and homeowners can expect varying tax bills depending on their property's assessed value. Homeowners in Lynn experience property tax bills ranging from $1,224 at the 25th percentile to $4,042 at the 90th percentile. The highest median tax bill in the area is $1,638, which is significantly lower than the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and overall cost of homeownership. Understanding these factors can help homeowners anticipate their tax liabilities and manage their expenses more effectively.
Average Lynn Tax Bill
$1,638
Average Wayne County Tax Bill
$1,053
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47355 | $887 | $1,224 | $1,638 | $2,642 | $4,042 |
Source: Ownwell