Example of Tippecanoe County Property Tax Calculation
Tippecanoe County Property Tax is calculated by multiplying the assessed value of a property by the current tax rate. For example, if a property has an assessed value of $100,000 and the current tax rate is 2%, the property tax would be $2,000.
To calculate the assessed value of a property, the county assessor determines the market value of the property and then applies a percentage, known as the assessment rate. In Tippecanoe County, the assessment rate for residential properties is 100%. So if a residential property is valued at $100,000, the assessed value would be $100,000.
For non-residential properties, such as commercial or industrial properties, the assessment rate is currently 95%. So a commercial property valued at $100,000 would have an assessed value of $95,000.
Once the assessed value is determined, the property tax rate is applied. In Tippecanoe County, the current tax rate for 2021 is 1.0886%. So if a property has an assessed value of $100,000, the property tax would be calculated as follows:
Assessed Value: $100,000 Tax Rate: 1.0886% Property Tax: $1,088.60
It is important to note that property tax rates can vary from year to year, and it is recommended that property owners check with the county assessor's office for the most up-to-date information.
If you want appeal your property tax assessment - contact your local tax assessor.
Tippecanoe County Property Tax Rates
Tippecanoe County Property Tax Rates
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.5321 |
| City of Lafayette | $0.9713 |
| City of West Lafayette | $0.9771 |
| Community School Corporation | $0.9932 |
| Township Fire Protection | $0.0866 |
| Area Plan Commission | $0.0034 |
These are the current property tax rates for Tippecanoe County. The county, cities of Lafayette and West Lafayette, community school corporation, township fire protection, and area plan commission all have different rates based on the assessed value of the property. It's important to keep these rates in mind when buying or selling property in the area.
Who sets property tax rates in Tippecanoe County ?
In Tippecanoe County, property tax rates are set by the County Council and the County Commissioners. They typically meet annually to review and adjust the rates as necessary. These rates are then applied to the assessed value of each property in the county. Property owners receive an annual tax bill based on this calculation. It is important for property owners to stay informed about changes to tax rates and how they may affect their taxes.
Homestead exemptions in Tippecanoe County ?
The following table includes all county-specific Homestead exemptions and deductions in Tippecanoe County, Indiana.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Standard Homestead Deduction | Must own and occupy property as primary residence | Up to $45,000 assessed value of property | Applies to property owned by individuals or married couples |
| Supplemental Homestead Deduction | Must be at least 65 years old, receiving Social Security benefits or Railroad Retirement benefits, and have a household income of less than $30,000 | Up to $45,000 assessed value of property | Applies to property owned by individuals or married couples |
| Mortgage Deduction | Must have a mortgage on the property | Up to $3,000 per year | Applies to property owned by individuals or married couples |
| Over 65 Deduction | Must be at least 65 years old | Up to $12,480 assessed value of property | Applies to property owned by individuals or married couples |
| Disabled Veteran Deduction | Must be a veteran with at least a 10% disability rating from the VA | Up to $24,960 assessed value of property | Applies to property owned by individuals or married couples |
| Disabled Person Deduction | Must be certified by a physician as having a permanent disability | Up to $12,480 assessed value of property | Applies to property owned by individuals or married couples |
These exemptions and deductions can provide significant savings for homeowners in Tippecanoe County. It is important to note that eligibility requirements and amounts may vary depending on individual circumstances. Homeowners should consult with the County Assessor's Office for more information on how to apply for these exemptions and deductions.
When is Tippecanoe County Property Tax due ?
Tippecanoe County Property Tax is typically due twice a year, on May 10th and November 10th. Property owners are required to make payments on or before these dates to avoid late fees and interest charges.
There are several payment methods available to property owners in Tippecanoe County. These include:
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In-Person: Property owners can make payments in person at the Tippecanoe County Treasurer's Office. The office is open Monday through Friday from 8:00 AM to 4:30 PM.
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By Mail: Property owners can mail their payments to the Tippecanoe County Treasurer's Office. The address is 20 N 3rd St, Lafayette, IN 47901. It is important to note that payments must be postmarked on or before the due date to avoid late fees and interest charges.
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Online: Property owners can make payments online through the Tippecanoe County Treasurer's website. This is a convenient option that allows property owners to make payments from anywhere with an internet connection.
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By Phone: Property owners can make payments over the phone by calling the Tippecanoe County Treasurer's Office at (765) 423-9209.
It is important for property owners to keep in mind that failure to pay property taxes on time can result in penalties and interest charges. If you have any questions or concerns about Tippecanoe County Property Tax, it is recommended that you contact the Treasurer's Office for assistance.
If you have more questions - contact your local tax collector.
How is Tippecanoe County Property Tax penalty calculated ?
Tippecanoe County Property Tax Penalty Calculation
In Tippecanoe County, Indiana, property owners are required to pay their property taxes on time. In case of delayed payment, a penalty is imposed on the amount due. The penalty calculation is as follows:
- The penalty rate is 5% of the unpaid taxes for the first 30 days of delinquency.
- After 30 days, an additional 5% penalty is added to the original penalty, making it 10% of the unpaid taxes.
- For every additional 30-day period, the penalty increases by an additional 5%.
To better understand this calculation, let's look at an example:
John owns a property in Tippecanoe County. His property tax amount due is $5,000. The due date for payment is May 10th. John fails to pay by the due date and ends up paying on July 1st. Here's how the penalty calculation works in his case:
- For the first 30 days (May 11th to June 10th), John incurs a penalty of 5% on the unpaid amount, which is $250.
- After 30 days (June 11th to July 1st), an additional 5% penalty is added to the original penalty, making it 10% of the unpaid amount, which is $500.
- Therefore, John's total penalty amount is $750, making his total amount due $5,750.
It's important to note that these penalties are in addition to any interest charged on the unpaid amount. It's always advisable to pay property taxes on time to avoid any additional charges.
In conclusion, property tax penalty in Tippecanoe County is calculated by adding 5% to the unpaid amount for the first 30 days of delinquency and then increasing it by another 5% for every additional 30-day period.
We recommend contacting the Tippecanoe County Tax Office or a local tax professional for the most up-to-date and accurate information.