Schererville, Indiana Property Taxes
The median property tax rate in Schererville, IN is 0.90%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $291,500 in Schererville, the typical annual property tax bill is $2,683, which is just under the national median of $2,690. Property taxes in Schererville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Schererville'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 Schererville 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
Schererville, 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 Schererville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schererville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schererville 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 Schererville, Indiana
Property taxes in Schererville, Indiana, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Schererville is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Schererville set these rates annually, and they can vary across different neighborhoods. Each year, Schererville 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 Schererville's effective property tax rate to other areas in Indiana and the national median. For comparison, the 46375 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Schererville 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 Schererville Tax Rate
0.90%
Average Lake County Tax Rate
1.07%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schererville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46375 | 0.72% | 0.82% | 0.90% | 0.99% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Schererville, Indiana
In Schererville, 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 Schererville, 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. Notably, the highest median tax bill in Schererville is $2,683 in the 46375 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Schererville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schererville Assessed Value
$291,500
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 Schererville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46375 | $190,840 | $228,600 | $291,500 | $362,500 | $440,800 |
Source: Ownwell
Property Tax Bills Across Schererville, Indiana
Property tax bills in Schererville, located in Lake County, Indiana, are determined by several factors. The primary factor is the assessed value of the property, which is based on the market value. For a median home price of $291,500, homeowners can expect their tax bills to vary significantly. The tax bill at the 25th percentile is $1,938, while at the 75th percentile, it rises to $3,548. For those at the 90th percentile, the tax bill can reach up to $4,573. These tax bills are influenced not only by the assessed value but also by the local tax rate, which can be compared to the national median property tax rate of 0.99%. In Schererville, the highest and lowest median tax bills are both reported at $2,683, indicating a relatively consistent tax rate across different properties. For homeowners, understanding these factors is crucial, as property taxes can represent a significant portion of annual expenses, impacting overall affordability and long-term financial planning.
Average Schererville Tax Bill
$2,683
Average Lake County Tax Bill
$2,011
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Schererville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46375 | $1,418 | $1,938 | $2,683 | $3,548 | $4,573 |
Source: Ownwell