Bristol, Indiana Property Taxes
The median property tax rate in Bristol, IN is 0.90%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bristol at $206,300, the typical annual property tax bill reaches $1,959, which is lower than the national median of $2,690. Property taxes in Bristol 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 Bristol'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 Bristol 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
Bristol, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,857
Ownwell’s Bristol Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bristol with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bristol 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 Bristol, Indiana
Property taxes in Bristol, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bristol is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Bristol set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bristol 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 Bristol's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46507 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Bristol provides valuable insights into the varying tax landscape across Elkhart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bristol Tax Rate
0.90%
Average Elkhart County Tax Rate
1.02%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bristol, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46507 | 0.67% | 0.79% | 0.90% | 1.05% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Bristol, Indiana
In Bristol, 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 Elkhart County Assessor's Office 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 Bristol, 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 Bristol helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Bristol are both $1959, found in zip code 46507.
Average Bristol Assessed Value
$206,300
Average Elkhart County Assessed Value
$169,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bristol, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46507 | $89,460 | $148,100 | $206,300 | $303,800 | $433,980 |
Source: Ownwell
Property Tax Bills Across Bristol, Indiana
In Bristol, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the market value of the property, property improvements, and comparable home sales in the area. For homeowners in Bristol, the median home price is $206,300. The tax bill varies significantly, with the 25th percentile at $1,224 and the 75th percentile at $2,953. The highest median tax bill in the area is $1,959, aligning with the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. As a result, homeowners need to budget for these costs, which can impact their overall financial planning. Understanding how property tax bills are calculated helps homeowners anticipate their expenses and manage their finances more effectively.
Average Bristol Tax Bill
$1,959
Average Elkhart County Tax Bill
$1,809
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bristol, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46507 | $659 | $1,224 | $1,959 | $2,953 | $4,588 |
Source: Ownwell