Lamar, Spencer County, Indiana Property Taxes
The median property tax rate in Lamar, Indiana is 0.47%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lamar at $157,150, the typical annual property tax bill reaches $774, significantly below the national median of $2,690. Property taxes in Lamar 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 Lamar'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 Lamar 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
Lamar, Spencer County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$739
$685
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Spencer County, Indiana
Property taxes in Lamar, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.47%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47550 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Lamar provides valuable insights into the varying tax landscape across Spencer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.47%
Average Spencer County Tax Rate
0.59%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | 0.25% | 0.36% | 0.47% | 0.65% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Spencer County, Indiana
In Lamar, 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 Spencer 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 Lamar, 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 Lamar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 47550 has the highest median tax bill of $774. Understanding these factors can help homeowners make informed decisions about their property taxes.
Property Tax Assessment Values Across Lamar, Spencer County, Indiana
Source: Ownwell
$18,650
$116,025
$213,400
Average Lamar Assessed Value
$157,150
Average Spencer County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | $45,100 | $101,275 | $157,150 | $238,750 | $310,640 |
Source: Ownwell
Property Tax Bills Across Lamar, Spencer County, Indiana
In Lamar, property tax bills are primarily calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to produce the annual tax bill. For context, the median home price in Lamar is $157,150. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the property. Homeowners in Lamar can expect a range of property tax bills. For instance, the 25th percentile tax bill is approximately $335, while the 75th percentile reaches around $1,341. At the higher end, the 90th percentile tax bill can be as much as $1,906. Comparatively, the median property tax rate in Lamar is competitive with the national median property tax rate of 0.99%. Homeowners must budget for these taxes, as they contribute to essential public services like education, infrastructure, and emergency services. Understanding these calculations can help homeowners better manage their finances and plan for future expenses.
Average Lamar Tax Bill
$774
Average Spencer County Tax Bill
$731
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Spencer County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47550 | $165 | $335 | $774 | $1,341 | $1,906 |
Source: Ownwell