Bloomington, Indiana Property Taxes
The median property tax rate in Bloomington, IN is 0.41%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bloomington at $360,700, the typical annual property tax bill amounts to $1,428, well below the national median of $2,690. Property taxes in Bloomington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Bloomington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bloomington or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$1,479
Ownwell’s Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Indiana
Property taxes in Bloomington, Indiana, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 0.41%, significantly lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47401 has both the highest and lowest median property tax rate of 0.41%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
0.41%
Average Brown County Tax Rate
0.43%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | 0.35% | 0.37% | 0.41% | 0.75% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bloomington, Indiana. 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 Brown 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 Bloomington, 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bloomington is $360,700, with tax bills ranging from $1,104 at the 25th percentile to $3,608 at the 90th percentile. The highest and lowest median tax bills are both found in the 47401 zip code, amounting to $1,428.
Average Bloomington Assessed Value
$360,700
Average Brown County Assessed Value
$234,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | $217,880 | $302,900 | $360,700 | $400,900 | $454,420 |
Source: Ownwell
Property Tax Bills Across Bloomington, Indiana
In Bloomington, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. The median home price in Bloomington is $360,700, and the property tax rate is compared to the national median of 0.99%. Homeowners in Bloomington can expect tax bills varying significantly based on their property values and specific circumstances. For instance, tax bills in Bloomington range from $1,104 at the 25th percentile to $2,274 at the 75th percentile, with the 90th percentile reaching up to $3,608. The highest and lowest median tax bills are both $1,428 in the 47401 zip code. These figures illustrate the potential financial impact on homeowners, making it crucial to understand how property taxes are calculated and how they can affect household budgets.
Average Bloomington Tax Bill
$1,428
Average Brown County Tax Bill
$1,113
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | $717 | $1,104 | $1,428 | $2,274 | $3,608 |
Source: Ownwell