Laotto, Indiana Property Taxes
The median property tax rate in Laotto, IN is 0.72%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $248,300 in Laotto, the typical annual property tax bill amounts to $1,769, falling below the national median of $2,690. Property taxes in Laotto are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Laotto'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 Laotto or another part of DeKalb County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laotto, 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 Laotto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laotto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laotto 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 Laotto, Indiana
Property taxes in Laotto, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laotto is 0.72%, which is below the U.S. national median of 0.99%. Local government entities within Laotto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laotto 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 Laotto's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46763 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Laotto provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laotto Tax Rate
0.72%
Average Dekalb County Tax Rate
0.70%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | 0.52% | 0.58% | 0.72% | 0.97% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Laotto, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Laotto, Indiana. 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 DeKalb 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 Laotto, 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. The median home price in Laotto stands at $248,300, with the 25th percentile tax bill at $1,301 and the 75th percentile at $2,944. The zip code 46763 has the highest and lowest median tax bill at $1,769. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laotto Assessed Value
$248,300
Average Dekalb County Assessed Value
$174,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | $145,200 | $189,200 | $248,300 | $358,100 | $436,900 |
Source: Ownwell
Property Tax Bills Across Laotto, Indiana
In Laotto, DeKalb County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Laotto is $248,300, which can result in varying tax bills depending on the home's specific characteristics. Homeowners in Laotto can expect their property tax bills to fall within a range influenced by their home's assessed value. The tax bill at the 25th percentile is approximately $1,301, while at the 75th percentile, it increases to around $2,944. The 90th percentile tax bill can reach up to $3,687. Compared to the national median property tax rate of 0.99%, Laotto's property tax rates reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Laotto Tax Bill
$1,769
Average Dekalb County Tax Bill
$1,248
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | $836 | $1,301 | $1,769 | $2,944 | $3,687 |
Source: Ownwell