Highland, Indiana Property Taxes
The median property tax rate in Highland, IN is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Highland at $225,750, the typical annual property tax bill amounts to $2,099, which is less than the national median of $2,690. Property taxes in Highland are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Highland'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 Highland or elsewhere in Lake County, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Highland, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,054
Ownwell’s Highland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland 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 Highland, Indiana
Property taxes in Highland, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Highland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland 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 Highland's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46322 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Highland provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Highland Tax Rate
0.91%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46322 | 0.74% | 0.84% | 0.91% | 0.96% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Highland, Indiana
In Highland, 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 Lake 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 Highland, 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 Highland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Highland are both $2,099, found in the 46322 zip code.
Average Highland Assessed Value
$225,750
Average Lake County Assessed Value
$187,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Highland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46322 | $160,700 | $191,100 | $225,750 | $259,500 | $301,990 |
Source: Ownwell
Property Tax Bills Across Highland, Indiana
In Highland, Indiana, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $225,750, homeowners can expect varying tax bills. Factors such as the property's location, improvements, and market conditions influence the assessed value. In Lake County, the tax bill at the 25th percentile is around $1,711, while at the 75th percentile, it reaches approximately $2,554. At the 90th percentile, homeowners might pay up to $3,264. The highest and lowest median tax bills in Highland both stand at $2,099, indicating a relatively uniform tax rate within the area. Compared to the national median property tax rate of 0.99%, Highland's rates reflect the local economic conditions and public service funding needs. For homeowners, understanding these factors is crucial for financial planning and property investment strategies.
Average Highland Tax Bill
$2,099
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46322 | $1,322 | $1,711 | $2,099 | $2,554 | $3,264 |
Source: Ownwell