Bremen, Indiana Property Taxes
The median property tax rate in Bremen, IN is 0.92%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bremen at $156,600, the typical annual property tax bill reaches $1,429, which is below the national median of $2,690. Property taxes in Bremen are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bremen'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 Bremen or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bremen, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Bremen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bremen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bremen 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 Bremen, Indiana
Property taxes in Bremen, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bremen is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bremen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bremen 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 Bremen's effective property tax rate to other areas in Marshall County and the national median. For comparison, the zip code 46506 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Bremen provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bremen Tax Rate
0.92%
Average Marshall County Tax Rate
0.94%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bremen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46506 | 0.55% | 0.69% | 0.92% | 1.06% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Bremen, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bremen, 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 Marshall 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 Bremen, 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 Bremen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bremen, the highest and lowest median tax bills are both found in the 46506 zip code, at $1,429, compared to the national median property tax rate of 0.99%.
Average Bremen Assessed Value
$156,600
Average Marshall County Assessed Value
$139,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bremen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46506 | $63,220 | $108,900 | $156,600 | $221,800 | $303,300 |
Source: Ownwell
Property Tax Bills Across Bremen, Indiana
In Bremen, located in Marshall County, IN, property tax bills are determined based on the assessed value of a home. The median home price in Bremen is $156,600, and property taxes are calculated by applying the local tax rate to this assessed value. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Bremen can expect their tax bills to vary significantly. For instance, those in the 25th percentile pay around $891, while those in the 75th percentile face bills of up to $2,102. The highest tax bills, in the 90th percentile, can reach $3,013. These taxes fund essential local services like schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Bremen's property taxes can be seen as a reflection of the community's investment in maintaining and improving local amenities. The highest and lowest median tax bills in Bremen are both recorded at $1,429 in the zip code 46506, indicating a relatively stable tax environment within this area.
Average Bremen Tax Bill
$1,429
Average Marshall County Tax Bill
$1,216
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bremen, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46506 | $406 | $891 | $1,429 | $2,102 | $3,013 |
Source: Ownwell