Lowell, Indiana Property Taxes
The median property tax rate in Lowell, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lowell at $257,000, the typical annual property tax bill reaches $2,415, which is just under the national median of $2,690. Property taxes in Lowell are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lowell'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 Lowell 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
Lowell, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$2,390
Ownwell’s Lowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, Indiana
Property taxes in Lowell, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46356 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Lowell 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 Lowell Tax Rate
0.93%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46356 | 0.73% | 0.84% | 0.93% | 0.97% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Indiana
In Lowell, 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's Office 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 46356 sees both the highest and lowest median tax bills, each at $2,415.
Average Lowell Assessed Value
$257,000
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 Lowell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46356 | $168,940 | $200,700 | $257,000 | $335,000 | $415,820 |
Source: Ownwell
Property Tax Bills Across Lowell, Indiana
In Lowell, Lake 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. For instance, with a median home price of $257,000, homeowners can expect their tax bills to vary significantly. Factors such as the property's location, size, and improvements play a crucial role in determining the assessed value. In Lowell, the tax bill at the 25th percentile is approximately $1,807, while at the 75th percentile, it rises to around $3,223. The tax bill at the 90th percentile can reach up to $4,082. These property taxes fund essential local services, including schools, infrastructure, and emergency services, directly impacting homeowners by supporting community amenities and overall quality of life. Comparatively, Lowell's highest median tax bill of $2,415 is still below the national median property tax rate of 0.99%, making it relatively affordable for homeowners.
Average Lowell Tax Bill
$2,415
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46356 | $1,336 | $1,807 | $2,415 | $3,223 | $4,082 |
Source: Ownwell