Lapel, Madison County, Indiana Property Taxes

Name: Property Tax Bills Across Lapel, Madison County, Indiana
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lapel, IN effective property tax rate: 0.97%, slightly lower than the national median of 1.02%, but also lower than the Indiana state median of 0.99%.
Median Lapel, IN home value: $114,300
Median annual Lapel, IN tax bill: $1,259, $1,141 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

Property taxes in Lapel, IN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lapel’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lapel, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lapel, Madison County, Indiana Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.97%

Estimate Property Tax Bill

$1,109

$1,029

Ownwell’s Lapel Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lapel with just two data points. By entering your property's estimated assessed value, our calculator applies Lapel’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lapel, Madison County, Indiana

Local government entities are responsible for setting tax rates, and these can differ significantly across the state. The process involves each county estimating its necessary budget to fund services, which is then divided by the total value of all taxable property within the county. This calculation determines the property tax rate. While this summary simplifies the process, it involves votes and legal considerations to finalize tax rates and budgets annually.

In Lapel, located in Madison County, the effective property tax rate stands at 0.97%. This rate is notably below the national median property tax rate of 1.02%, offering residents a more favorable tax environment compared to many areas across the country. The property tax rate in Lapel aligns with the median rate for Indiana, which also stands at 0.97%. This consistency suggests a stable tax environment within the region, providing predictability for property owners. Whether you are considering relocating or investing in property, understanding these tax dynamics can play a crucial role in making informed decisions.

Property Tax Rates Across Lapel, Madison County, Indiana

Source: Ownwell

0.83%

1.53%

2.24%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lapel Tax Rate

0.97%

Median Effective Madison County Tax Rate

1.09%

Median Effective Indiana Tax Rate

0.99%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lapel, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
46051	0.62%	0.85%	0.97%	1.45%	2.00%

Source: Ownwell

Property Tax Assessment Values Across Lapel, Madison County, Indiana

When examining property taxes in Lapel, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lapel. For example, the median home price in Lapel is $114,300, with tax bills ranging significantly across the county. Zip code 46051 has the highest median home price at $114,300.

Property Tax Assessment Values Across Lapel, Madison County, Indiana

Source: Ownwell

$41,900

$129,725

$217,550

Median Lapel Market Value

$114,300

Median Madison County Market Value

$92,550

Median Indiana Market Value

$170,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lapel, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
46051	$50,860	$81,800	$114,300	$173,600	$278,480

Source: Ownwell

Property Tax Bills Across Lapel, Madison County, Indiana

In Lapel, Madison County, Indiana, property tax bills are determined by applying the county's assessed property tax rate to the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Homeowners in Lapel can expect a median property tax bill of $1,259, which is below the national median of $2,400. This makes it relatively affordable compared to other regions. However, tax bills can vary significantly, with the 25th percentile at $726 and the 90th percentile reaching $2,944. These variations depend on factors such as property size, location, and improvements. High property taxes can strain homeowners, but Ownwell can help alleviate this burden. By leveraging expertise in property tax appeals and exemptions, Ownwell assists homeowners in identifying potential savings. This could mean a significant reduction in annual tax bills, providing financial relief and ensuring homeowners are not overpaying on their property taxes.

Property Tax Bills Across Lapel, Madison County, Indiana

Source: Ownwell

$383

$1,214

$2,044

Median Lapel Tax Bill

$1,259

Median Madison County Tax Bill

$1,130

Median Indiana Tax Bill

$1,691

Median United States Tax Bill

$2,400

Property Tax Bills Across Lapel, Madison County, Indiana

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
46051	$365	$726	$1,259	$2,056	$2,944

Source: Ownwell