Leo, Indiana Property Taxes
The median property tax rate in Leo, IN is 0.88%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Leo at $268,150, the typical annual property tax bill reaches $2,389, falling below the national median of $2,690. Property taxes in Leo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Leo'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 Leo 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
Leo, 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 LEO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LEO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LEO 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 Leo, Indiana
Property taxes in LEO, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LEO is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within LEO set these rates annually, and they can vary significantly across different neighborhoods. Each year, LEO 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 LEO's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46765 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with LEO provides valuable insights into the varying tax landscape across Allen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leo Tax Rate
0.88%
Average Allen County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46765 | 0.67% | 0.78% | 0.88% | 0.95% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Leo, Indiana
In LEO, 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 Allen 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 LEO, 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 LEO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in LEO is 46765, with a median tax bill of $2,389, which is significantly above the national median property tax rate of 0.99%.
Average Leo Assessed Value
$268,150
Average Allen County Assessed Value
$172,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46765 | $119,990 | $189,075 | $268,150 | $368,200 | $470,710 |
Source: Ownwell
Property Tax Bills Across Leo, Indiana
In LEO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by Allen County. For homeowners in LEO, the median home price is $268,150, and the property tax rate in the area is a significant factor in determining the overall tax bill. Tax bills can vary widely depending on the home's value and the specific tax rate applied. For instance, the tax bill at the 25th percentile is $1,513, while at the 75th percentile, it rises to $3,397. Those in the 90th percentile can expect to pay around $4,505. Comparatively, the national median property tax rate is 0.99%, meaning homeowners in LEO may experience different financial impacts based on their property's assessed value and the local tax rate. These factors collectively influence how much homeowners need to budget annually for property taxes.
Average Leo Tax Bill
$2,389
Average Allen County Tax Bill
$1,797
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Leo, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46765 | $908 | $1,513 | $2,389 | $3,397 | $4,505 |
Source: Ownwell