Lagro, Indiana Property Taxes
The median property tax rate in Lagro, IN is 0.59%, significantly lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Lagro, the typical annual property tax bill reaches $776, which is well below the national median of $2,690. Property taxes in Lagro 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 Lagro'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 Lagro 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
Lagro, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$723
Ownwell’s LAGRO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAGRO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAGRO 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 Lagro, Indiana
Property taxes in Lagro, Indiana, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Lagro is 0.59%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lagro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lagro 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 Lagro's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 46941 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Lagro provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lagro Tax Rate
0.59%
Average Wabash County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lagro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46941 | 0.33% | 0.46% | 0.59% | 1.04% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Lagro, Indiana
In Lagro, 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 Wabash 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 Lagro, 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 Lagro 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 $776 in the 46941 zip code, which also has the lowest median tax bill.
Average Lagro Assessed Value
$122,600
Average Wabash County Assessed Value
$126,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lagro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46941 | $32,200 | $53,100 | $122,600 | $210,700 | $308,200 |
Source: Ownwell
Property Tax Bills Across Lagro, Indiana
In LAGRO, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. The property tax rate in Wabash County, where LAGRO is located, is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. For homeowners in LAGRO, the median home price is $122,600. Tax bills can vary widely; for instance, the tax bill at the 25th percentile is $373, while at the 75th percentile, it reaches $1383. The highest median tax bill in the area is $776, which is relatively moderate compared to the national median property tax rate of 0.99%. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Lagro Tax Bill
$776
Average Wabash County Tax Bill
$952
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lagro, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46941 | $181 | $373 | $776 | $1,383 | $2,125 |
Source: Ownwell