Lincoln City, Indiana Property Taxes
The median property tax rate in Lincoln City, IN is 0.51%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Lincoln City at $223,900, the typical annual property tax bill is $1,143, well below the national median of $2,690. Property taxes in Lincoln City 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 Lincoln City'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 Lincoln City 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
Lincoln City, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,142
Ownwell’s Lincoln City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln City 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 Lincoln City, Indiana
Property taxes in Lincoln City, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln City is 0.51%, significantly lower than the U.S. national median of 0.99%. Local government entities within Lincoln City set these rates annually, and they can vary across different neighborhoods. Each year, Lincoln City 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 Lincoln City's effective property tax rate to other counties in Indiana and the national median. For comparison, the ZIP code 47552 has the highest median property tax rate of 0.51%, while the same ZIP code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Lincoln City provides valuable insights into the varying tax landscape across Warrick County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln City Tax Rate
0.51%
Average Warrick County Tax Rate
0.75%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln City, Indiana
In Lincoln City, 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 local 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 Lincoln City, 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 Lincoln City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Warrick County, the highest and lowest median tax bills are both $1,143, found in the zip code 47552, compared to the national median property tax rate of 0.99%.
Average Lincoln City Assessed Value
$223,900
Average Warrick County Assessed Value
$208,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | $223,900 | $223,900 | $223,900 | $223,900 | $223,900 |
Source: Ownwell
Property Tax Bills Across Lincoln City, Indiana
In Lincoln City, Warrick County, IN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is a percentage of the property's market value. Homeowners in Lincoln City can expect a median tax bill around $1,143, which aligns with the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For instance, a home valued at the median price of $223,900 would have its tax bill calculated by applying the local tax rate to the assessed value. This tax bill impacts homeowners by contributing to public services such as schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their annual property tax expenses and budget accordingly. In Lincoln City, consistency in tax bills, as seen with the 25th, 75th, and 90th percentiles all at $1,143, provides a predictable financial landscape for property owners.
Average Lincoln City Tax Bill
$1,143
Average Warrick County Tax Bill
$1,576
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln City, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47552 | $1,143 | $1,143 | $1,143 | $1,143 | $1,143 |
Source: Ownwell