Lake Village, Indiana Property Taxes
The median property tax rate in Lake Village, IN is 0.99%, aligning with both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lake Village at $190,000, the typical annual property tax bill reaches $1,914, which is below the national median of $2,690. Property taxes in Lake Village 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 Village'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 Village 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 Village, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,881
Ownwell’s Lake Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Village 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 Lake Village, Indiana
Property taxes in Lake Village, Indiana, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Village is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Lake Village set these rates annually, and they can vary across different neighborhoods. Each year, Lake Village 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 Village's effective property tax rate to other areas in Newton County and the national median. For comparison, the 46349 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Lake Village provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Village Tax Rate
0.99%
Average Newton County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Village, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46349 | 0.57% | 0.81% | 0.99% | 1.18% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Lake Village, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Village, Indiana. The market value represents 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 Newton 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 Village, 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. For instance, the median home price in Lake Village is $190,000, with tax bills ranging from $1,186 at the 25th percentile to $4,204 at the 90th percentile. The highest and lowest median tax bills are both $1,914, found in the 46349 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Village Assessed Value
$190,000
Average Newton County Assessed Value
$139,700
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Village, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46349 | $82,600 | $139,900 | $190,000 | $272,900 | $357,680 |
Source: Ownwell
Property Tax Bills Across Lake Village, Indiana
In Lake Village, Newton County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Lake Village is $190,000, with property tax rates varying significantly across the area. Factors influencing the tax bill include the property's market value, any exemptions for which the homeowner qualifies, and local tax levies. For instance, the 25th percentile of tax bills in the area is $1,186, while the 75th percentile reaches $2,973, and the 90th percentile goes up to $4,204. The highest and lowest median tax bills in the region are both noted at $1,914, indicating a consistent rate within certain zones. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Lake Village Tax Bill
$1,914
Average Newton County Tax Bill
$1,323
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Village, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46349 | $614 | $1,186 | $1,914 | $2,973 | $4,204 |
Source: Ownwell