Lake Station, Indiana Property Taxes
The median property tax rate in Lake Station, IN is 1.16%, considerably higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lake Station at $97,500, the typical annual property tax bill reaches $1,375, exceeding the national median of $2,690. Property taxes in Lake Station 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 Lake Station'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 Lake Station 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
Lake Station, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,131
Ownwell’s Lake Station Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake Station using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Lake Station to provide an estimate of your property tax bill. This tool offers clarity on potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, additional localized information is available by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Lake Station, Indiana
Property taxes in Lake Station, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Station is 1.16%, higher than the U.S. national median of 0.99%. Local government entities within Lake Station set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Station 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 Lake Station's effective property tax rate to other areas in Lake County and the national median. For comparison, the 46405 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Lake Station 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 Lake Station Tax Rate
1.16%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Station, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46405 | 0.80% | 1.05% | 1.16% | 2.27% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Lake Station, Indiana
In Lake Station, 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 Lake Station, 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 Lake Station helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Station is $97,500, with median tax bills ranging from $911 at the 25th percentile to $2,443 at the 90th percentile. The zip code 46405 has the highest and lowest median tax bill of $1,375.
Average Lake Station Assessed Value
$97,500
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 Lake Station, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46405 | $60,600 | $74,500 | $97,500 | $129,700 | $160,600 |
Source: Ownwell
Property Tax Bills Across Lake Station, Indiana
In Lake Station, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is established by the county assessor and is typically a percentage of the property's market value. Several factors influence this assessed value, including the home's location, size, and condition. For instance, the median home price in Lake Station is $97,500. Homeowners in Lake Station experience a range of property tax bills. The 25th percentile tax bill is $911, while the 75th percentile tax bill reaches $1,873. At the higher end, the 90th percentile tax bill is $2,443. The median tax bill in the 46405 zip code is $1,375, reflecting the average homeowner's experience. Compared to the national median property tax rate of 0.99%, Lake Station's property tax rates can significantly impact homeowners. Lower assessed values may result in relatively lower tax bills, but variations in home values and local tax rates can lead to substantial differences in individual tax obligations.
Average Lake Station Tax Bill
$1,375
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Station, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46405 | $591 | $911 | $1,375 | $1,873 | $2,443 |
Source: Ownwell