Leopold, Indiana Property Taxes
The median property tax rate in Leopold, IN is 0.96%, slightly below the national median of 0.99% and matching the Indiana state median of 0.99%. With the median home value in Leopold at $108,400, the typical annual property tax bill is $1,071, which is below the national median of $2,690. Property taxes in Leopold 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 Leopold'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 Leopold or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leopold, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,041
Ownwell’s Leopold Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leopold with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leopold 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 Leopold, Indiana
Property taxes in Leopold, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leopold is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Leopold set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leopold 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 Leopold's effective property tax rate to other areas in Perry County and the national median. For comparison, the 47551 zip code has the highest median property tax rate of 0.96%, while the lowest median tax rate is also 0.96%. Understanding how these areas compare with Leopold provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leopold Tax Rate
0.96%
Average Perry County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leopold, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47551 | 0.50% | 0.73% | 0.96% | 1.50% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Leopold, Indiana
In Leopold, 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 Perry County Appraisal District 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 Leopold, 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 Leopold helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Leopold is $1,071 in zip code 47551.
Average Leopold Assessed Value
$108,400
Average Perry County Assessed Value
$97,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leopold, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47551 | $25,700 | $72,000 | $108,400 | $163,500 | $214,700 |
Source: Ownwell
Property Tax Bills Across Leopold, Indiana
In Leopold, located in Perry County, IN, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by local government assessors who evaluate the property’s features, condition, and comparable sales in the area. Homeowners in Leopold experience a range of property tax bills. For instance, the 25th percentile of tax bills is approximately $499, while the 75th percentile reaches up to $1,735. At the higher end, the 90th percentile tax bill can be as much as $2,555. The median home price in Leopold is $108,400, and this value significantly influences the tax bill. Compared to the national median property tax rate of 0.99%, the tax rates in Leopold can vary, impacting homeowners' annual expenses. These property taxes fund essential local services such as schools, infrastructure, and emergency services, thereby directly affecting the community's quality of life. Understanding these factors can help homeowners anticipate their financial responsibilities and the benefits they receive in return.
Average Leopold Tax Bill
$1,071
Average Perry County Tax Bill
$927
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Leopold, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47551 | $232 | $499 | $1,071 | $1,735 | $2,555 |
Source: Ownwell