Lagrange, Indiana Property Taxes
The median property tax rate in LaGrange, IN is 0.87%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in LaGrange at $96,300, the typical annual property tax bill amounts to $625, significantly below the national median of $2,690. Property taxes in LaGrange 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 LaGrange'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 LaGrange 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
Lagrange, 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 LAGRANGE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAGRANGE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAGRANGE 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 Lagrange, Indiana
Property taxes in Lagrange, Indiana, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lagrange is 0.87%, which is below the U.S. national median of 0.99%. Local government entities within Lagrange set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lagrange 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 Lagrange's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46761 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Lagrange provides valuable insights into the varying tax landscape across Steuben County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lagrange Tax Rate
0.87%
Average Steuben County Tax Rate
0.76%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lagrange, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46761 | 0.36% | 0.59% | 0.87% | 0.94% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Lagrange, Indiana
In LaGrange, 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 Steuben 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 LaGrange, 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 LaGrange helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $625 in the 46761 zip code, while the lowest is also $625 in the same zip code.
Average Lagrange Assessed Value
$96,300
Average Steuben County Assessed Value
$162,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lagrange, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46761 | $8,840 | $19,500 | $96,300 | $179,100 | $274,020 |
Source: Ownwell
Property Tax Bills Across Lagrange, Indiana
In LaGrange, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in the area is $96,300, and the property tax rate is applied to this value to calculate the annual tax bill. Factors such as the property’s location, size, and condition are considered in the assessment process. Homeowners in LaGrange can expect their tax bills to vary significantly. The 25th percentile tax bill stands at $168, while the 75th percentile tax bill is $1,300. For those at the higher end, the 90th percentile tax bill reaches up to $1,987. The highest and lowest median tax bills are both recorded at $625 in the 46761 zip code within Steuben County. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Comparing to the national median property tax rate of 0.99%, LaGrange's tax rates reflect the local economic conditions and public service needs.
Average Lagrange Tax Bill
$625
Average Steuben County Tax Bill
$967
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lagrange, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46761 | $67 | $168 | $625 | $1,300 | $1,987 |
Source: Ownwell