Lewis, Clay County, Indiana Property Taxes
The median property tax rate in Lewis, IN is 0.62%, which is considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lewis at $85,300, the typical annual property tax bill is $437, significantly below the national median of $2,690. Property taxes in Lewis are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lewis'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 Lewis 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
Lewis, Clay County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$529
$491
Ownwell’s Lewis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewis 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 Lewis, Clay County, Indiana
Property taxes in Lewis, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Lewis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewis 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 Lewis's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47858 zip code has a median property tax rate of 0.62%, which is the same as the rate in Lewis. Understanding how these areas compare with Lewis provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewis Tax Rate
0.62%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewis, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | 0.27% | 0.40% | 0.62% | 1.08% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Lewis, Clay County, Indiana
In Lewis, 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 local appraisal authority 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 Lewis, 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 Lewis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lewis, the zip code 47858 has both the highest and lowest median tax bill, valued at $437.
Property Tax Assessment Values Across Lewis, Clay County, Indiana
Source: Ownwell
$28,000
$81,350
$134,700
Average Lewis Assessed Value
$85,300
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewis, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | $33,980 | $57,400 | $85,300 | $125,500 | $212,540 |
Source: Ownwell
Property Tax Bills Across Lewis, Clay County, Indiana
In Lewis, within Clay County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Lewis can expect their property tax bill to vary significantly depending on the value of their home. For instance, the 25th percentile tax bill is $262, while the 75th percentile tax bill is $1079, and the 90th percentile tax bill reaches $2113. These figures highlight the range of property tax obligations within the community. The median home price in Lewis is $85,300. When compared to the national median property tax rate of 0.99%, Lewis homeowners might find their local property tax rates to be relatively moderate. However, the impact on individual homeowners can vary widely based on the specific assessed value of their property and the corresponding tax rate. This variability underscores the importance of understanding one's property assessment and potential exemptions to manage tax liabilities effectively.
Average Lewis Tax Bill
$437
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewis, Clay County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | $140 | $262 | $437 | $1,079 | $2,113 |
Source: Ownwell