Laotto, Indiana Property Taxes
The median property tax rate in Laotto, IN 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 Laotto at $233,200, the typical annual property tax bill amounts to $1,396, which is well below the national median of $2,690. Property taxes in Laotto are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Laotto'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 Laotto or another part of Noble County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laotto, 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 Laotto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laotto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laotto 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 Noble County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Laotto, Indiana
Property taxes in Laotto, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Laotto is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Laotto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laotto 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 Laotto's effective property tax rate to other areas in Noble County and the national median. For comparison, the zip code 46763 has both the highest and lowest median property tax rate of 0.59%. Understanding how these areas compare with Laotto provides valuable insights into the varying tax landscape across Noble County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laotto Tax Rate
0.59%
Average Noble County Tax Rate
0.71%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | 0.39% | 0.49% | 0.59% | 0.71% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Laotto, Indiana
In Laotto, 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 Noble 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 Laotto, 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 Noble County is $233,200, with tax bills ranging from $786 at the 25th percentile to $3,206 at the 90th percentile. The zip code with the highest median tax bill of $1,396 is 46763, which also happens to be the lowest. By understanding 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 Laotto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laotto Assessed Value
$233,200
Average Noble County Assessed Value
$173,300
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | $101,440 | $154,400 | $233,200 | $324,375 | $448,340 |
Source: Ownwell
Property Tax Bills Across Laotto, Indiana
In Laotto, Noble County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Laotto is $233,200, which serves as the basis for determining the assessed value. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $786 annually, while those in the 75th percentile might see bills up to $2,248. For the top 10% of homeowners, tax bills can reach as high as $3,206. These amounts reflect the range of property taxes within the area, offering a comparison to the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, influencing decisions on purchasing, selling, or renovating properties.
Average Laotto Tax Bill
$1,396
Average Noble County Tax Bill
$1,324
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Laotto, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46763 | $457 | $786 | $1,396 | $2,248 | $3,206 |
Source: Ownwell