Lafayette, Indiana Property Taxes
The median property tax rate in Lafayette, IN is 1.51%, considerably higher than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Lafayette at $57,600, the typical annual property tax bill reaches $872, which is below the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette or another part of Warren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$870
Ownwell’s Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette 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 Lafayette, Indiana
Property taxes in Lafayette, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 1.51%, higher than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47901 zip code has both the highest and lowest median property tax rate of 1.51%. Understanding how these cities compare with Lafayette provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lafayette Tax Rate
1.51%
Average Warren County Tax Rate
0.86%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47901 | 1.51% | 1.51% | 1.51% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Indiana
In Lafayette, 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 Warren 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 Lafayette, 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 Lafayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 47901 has the highest and lowest median tax bill at $872.
Average Lafayette Assessed Value
$57,600
Average Warren County Assessed Value
$119,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47901 | $18,240 | $33,000 | $57,600 | $82,200 | $96,960 |
Source: Ownwell
Property Tax Bills Across Lafayette, Indiana
In Lafayette, located in Warren County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in this area stands at $57,600. Property tax rates in Lafayette are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median property tax rate in Lafayette is notably lower than the national median of 0.99%. Homeowners in Lafayette can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is approximately $499, while the 75th percentile tax bill can reach up to $1,244. The 90th percentile tax bill goes even higher, at around $1,467. The highest median tax bill in the region is $872, found in the 47901 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the overall quality of life for residents.
Average Lafayette Tax Bill
$872
Average Warren County Tax Bill
$1,064
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47901 | $276 | $499 | $872 | $1,244 | $1,467 |
Source: Ownwell