46051 Property Tax Rate

Property owners in ZIP code 46051 (Lapel, Indiana) pay a median of $1,219/year in property taxes on homes valued at $190,700. This translates to an effective tax rate of 0.64%, which is 8% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 46051 is approximately $102, which factors into escrow payments on mortgages. This ZIP code is located within Madison County.

Compared to similar ZIP codes in Indiana, 46051 has higher property taxes. ZIP codes with similar effective rates include 47340 (0.64%) and 47537 (0.64%).

In Lapel, property taxes represent approximately 1.6% of the median household income of $77,411, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses property at market value at sale, with no state-imposed cap on year-to-year increases once ownership changes. Madison County offers the Homestead Property Tax Deduction on the state level, reducing taxable assessed value for owner-occupied homes — apply through the Madison County Assessor's office by filing a Form 136 application. Request your assessment from the Madison County Assessor and file a Property Tax Appeal Form if the assessed value exceeds recent sale comparables; appeals must be filed by the deadline set in your assessment notice.