Lewis, Indiana Property Taxes
The median property tax rate in Lewis, IN is 0.85%, 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 Lewis at $95,000, the typical annual property tax bill is $779, significantly below the national median of $2,690. Property taxes in Lewis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lewis'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 Lewis 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
Lewis, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$808
Ownwell’s Lewis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewis 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 Lewis, Indiana
Property taxes in Lewis, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Lewis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewis 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 Lewis's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47858 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Lewis provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewis Tax Rate
0.85%
Average Sullivan County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | 0.49% | 0.65% | 0.85% | 1.35% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Lewis, Indiana
In Lewis, 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 Sullivan 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 Lewis, 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. For instance, the median home price in Lewis is $95,000, with tax bills ranging from $432 at the 25th percentile to $1,772 at the 90th percentile. The zip code 47858 has the highest and lowest median tax bill of $779. 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 Lewis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lewis Assessed Value
$95,000
Average Sullivan County Assessed Value
$68,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | $34,490 | $62,975 | $95,000 | $111,975 | $163,140 |
Source: Ownwell
Property Tax Bills Across Lewis, Indiana
In Lewis, located in Sullivan County, Indiana, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by local government assessors who evaluate various factors such as the property's market value, size, location, and condition. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Lewis, the median home price stands at $95,000. Property tax bills can vary significantly within the area. For instance, the tax bill at the 25th percentile is $432, while at the 75th percentile, it reaches $1,175. At the 90th percentile, homeowners could see tax bills as high as $1,772. Compared to the national median property tax rate of 0.99%, the property tax rates in Lewis reflect a range that can impact homeowners differently depending on the assessed value of their property. Homeowners with higher-valued properties will naturally face higher tax bills, influencing their overall financial planning and budgeting.
Average Lewis Tax Bill
$779
Average Sullivan County Tax Bill
$721
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewis, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47858 | $259 | $432 | $779 | $1,175 | $1,772 |
Source: Ownwell