Lebanon, Boone County, Indiana Property Taxes
The median property tax rate in Lebanon, IN is 0.87%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lebanon at $215,800, the typical annual property tax bill reaches $1,925, which is lower than the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lebanon'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 Lebanon 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
Lebanon, Boone County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,877
$1,742
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, Boone County, Indiana
Property taxes in Lebanon, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46052 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.87%
Average Boone County Tax Rate
1.01%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46052 | 0.54% | 0.69% | 0.87% | 1.04% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Boone County, Indiana
In Lebanon, 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 Boone 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 46052 has the highest and lowest median tax bill, both at $1,925, highlighting a consistent tax landscape within the city.
Property Tax Assessment Values Across Lebanon, Boone County, Indiana
Source: Ownwell
$139,650
$329,025
$518,400
Average Lebanon Assessed Value
$215,800
Average Boone County Assessed Value
$327,200
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46052 | $113,200 | $153,200 | $215,800 | $294,600 | $406,000 |
Source: Ownwell
Property Tax Bills Across Lebanon, Boone County, Indiana
In Lebanon, located in Boone County, Indiana, property tax bills are calculated based on the assessed value of a home. The process begins with the county assessor determining the market value of the property, which is then adjusted to reflect its assessed value. This assessed value is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and condition. Homeowners in Lebanon can expect their tax bills to fall within a range, with the 25th percentile at $1,229 and the 75th percentile at $2,744. For those at the higher end, the 90th percentile tax bill reaches $3,878. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. While the median property tax rate in Lebanon is comparable to the national median of 0.99%, the actual dollar amount can vary widely based on the assessed value of the home and the specific tax rates applied.
Average Lebanon Tax Bill
$1,925
Average Boone County Tax Bill
$3,263
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Boone County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46052 | $731 | $1,229 | $1,925 | $2,744 | $3,878 |
Source: Ownwell