Laconia, Indiana Property Taxes
The median property tax rate in Laconia, Indiana is 0.62%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Laconia at $130,700, the typical annual property tax bill reaches $851, significantly below the national median of $2,690. Property taxes in Laconia 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 Laconia'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 Laconia 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
Laconia, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$810
Ownwell’s Laconia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laconia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laconia 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 Laconia, Indiana
Property taxes in Laconia, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laconia is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Laconia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laconia 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 Laconia's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47135 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Laconia provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laconia Tax Rate
0.62%
Average Harrison County Tax Rate
0.61%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laconia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47135 | 0.33% | 0.46% | 0.62% | 1.00% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Laconia, Indiana
In Laconia, 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 Harrison 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 Laconia, 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. For instance, the median home price in Laconia is $130,700, with tax bills ranging from $389 at the 25th percentile to $2,161 at the 90th percentile. 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 Laconia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laconia Assessed Value
$130,700
Average Harrison County Assessed Value
$175,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laconia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47135 | $39,400 | $80,600 | $130,700 | $205,800 | $283,300 |
Source: Ownwell
Property Tax Bills Across Laconia, Indiana
In Laconia, Harrison County, IN, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by local government officials who evaluate the market value of the property. Property tax rates in Laconia are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For instance, homes in the 25th percentile of assessed value have tax bills around $389, whereas those in the 75th percentile face bills closer to $1,469. The highest tax bills in the area can reach up to $2,161 for homes in the 90th percentile. Compared to the national median property tax rate of 0.99%, Laconia's property tax rates can be relatively moderate, making it an appealing location for homeowners. However, the exact impact on homeowners varies significantly based on individual property assessments and the specific tax rate applied to their properties.
Average Laconia Tax Bill
$851
Average Harrison County Tax Bill
$1,112
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laconia, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47135 | $185 | $389 | $851 | $1,469 | $2,161 |
Source: Ownwell