Avoca, Indiana Property Taxes
The median property tax rate in Avoca, Indiana is 0.59%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Avoca at $90,100, the typical annual property tax bill reaches $449, well below the national median of $2,690. Property taxes in Avoca are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Avoca's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Avoca or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Avoca, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$532
Ownwell’s Avoca Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Avoca using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Avoca to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Lawrence County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Avoca, Indiana
Property taxes in Avoca, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Avoca is 0.59%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Avoca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Avoca 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 Avoca's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47420 has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these areas compare with Avoca provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Avoca Tax Rate
0.59%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Avoca, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47420 | 0.34% | 0.39% | 0.59% | 1.41% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Avoca, Indiana
In Avoca, 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 Lawrence 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 Avoca, 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 Avoca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Avoca is $90,100, with the highest and lowest median tax bills both at $449 in the 47420 zip code.
Average Avoca Assessed Value
$90,100
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Avoca, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47420 | $25,320 | $52,450 | $90,100 | $128,950 | $177,680 |
Source: Ownwell
Property Tax Bills Across Avoca, Indiana
In Avoca, located in Lawrence County, IN, property tax bills are calculated based on the assessed value of the property. This assessed value is determined by the county assessor's office, which estimates the market value of the property. Homeowners in Avoca face a median property tax rate of 0.99%, aligning with the national median. The tax bill is then derived by applying this rate to the assessed value of the home. For instance, with a median home price of $90,100, homeowners can expect a range of tax bills. At the 25th percentile, tax bills are around $269, while at the 75th percentile, they can reach up to $1,193. The 90th percentile sees tax bills as high as $2,074. These variations are influenced by factors such as property improvements, location, and market conditions. For residents in the 47420 zip code, the median tax bill is consistently $449. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Avoca Tax Bill
$449
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Avoca, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47420 | $149 | $269 | $449 | $1,193 | $2,074 |
Source: Ownwell