Lapel, Madison County, Indiana Property Taxes
The median property tax rate in Lapel, IN is 0.97%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lapel at $114,300, the typical annual property tax bill amounts to $1,259, which is significantly below the national median of $2,690. Property taxes in Lapel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lapel'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 Lapel or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lapel, Madison County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,109
$1,029
Ownwell’s Lapel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lapel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lapel 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 Lapel, Madison County, Indiana
Property taxes in Lapel, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lapel is 0.97%, which is just below the U.S. national median of 0.99%. Local government entities within Lapel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lapel 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 Lapel's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46051 has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Lapel provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lapel Tax Rate
0.97%
Average Madison County Tax Rate
1.09%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lapel, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46051 | 0.62% | 0.85% | 0.97% | 1.45% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Lapel, Madison County, Indiana
In Lapel, 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 Madison 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 Lapel, 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. The median home price in Lapel is $114,300, with tax bills ranging from $726 at the 25th percentile to $2,944 at the 90th percentile. The highest and lowest median tax bills both stand at $1,259 in the 46051 zip code. Understanding these valuation processes helps property owners navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to manage the tax burden effectively.
Property Tax Assessment Values Across Lapel, Madison County, Indiana
Source: Ownwell
$41,900
$129,725
$217,550
Average Lapel Assessed Value
$114,300
Average Madison County Assessed Value
$92,550
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lapel, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46051 | $50,860 | $81,800 | $114,300 | $173,600 | $278,480 |
Source: Ownwell
Property Tax Bills Across Lapel, Madison County, Indiana
In Lapel, located in Madison County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, market trends, and neighborhood changes can influence the assessed value. For homeowners in Lapel, the median home price is $114,300. Property tax bills in this area vary widely, with the 25th percentile at $726 and the 75th percentile reaching $2,056. At the higher end, the 90th percentile tax bill can be as much as $2,944. These variations reflect differences in property values and assessments. The highest and lowest median tax bills in the area are both $1,259, which aligns with the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners to anticipate their financial obligations and budget accordingly.
Average Lapel Tax Bill
$1,259
Average Madison County Tax Bill
$1,130
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lapel, Madison County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46051 | $365 | $726 | $1,259 | $2,056 | $2,944 |
Source: Ownwell