Lewis, Indiana Property Taxes
The median property tax rate in Lewis, IN is 1.08%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lewis at $97,200, the typical annual property tax bill reaches $981, which is below the national median of $2,690. Property taxes in Lewis 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 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 Vigo County, 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
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Lewis Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewis is 0.81%, which is lower than both the Indiana state median of 0.85% and 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 the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Lewis provides valuable insights into the varying tax landscape across Vigo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewis Tax Rate
1.08%
Average Vigo County Tax Rate
1.01%
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 | 0.57% | 0.77% | 1.08% | 2.10% | 2.33% |
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 Vigo 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. 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. The zip code with the highest median tax bill is 47858, with a median bill of $981.
Average Lewis Assessed Value
$97,200
Average Vigo County Assessed Value
$100,700
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 | $12,000 | $46,100 | $97,200 | $142,800 | $205,900 |
Source: Ownwell
Property Tax Bills Across Lewis, Indiana
In Lewis, IN, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $97,200, homeowners can expect varying tax bills depending on their property's assessed value. Tax bills in Lewis range significantly, with the 25th percentile at $413 and the 75th percentile reaching $1,642. The highest tax bills can soar to $3,102, especially for properties in the zip code 47858, which holds the highest median tax bill in the area at $981. These figures highlight the variability in property tax burdens, which can significantly impact homeowners' finances. The property tax rate in Lewis is influenced by various factors, including local government budgets and school district funding needs. Understanding these dynamics can help homeowners anticipate their property tax obligations and plan accordingly.
Average Lewis Tax Bill
$981
Average Vigo County Tax Bill
$1,148
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 | $182 | $413 | $981 | $1,642 | $3,102 |
Source: Ownwell