Bloomington, Indiana Property Taxes
The median property tax rate in Bloomington, IN is 0.80%, lower than both the national median of 0.99% and Indiana's state median of 0.99%. With a median home value of $117,850 in Bloomington, the typical annual property tax bill is approximately $1,007, 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 exemptions like the primary residence and agricultural exemptions. Understanding Bloomington'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 Bloomington 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
Bloomington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$943
Ownwell’s Bloomington Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bloomington to provide an accurate property tax estimate. This valuable tool helps you anticipate your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Bloomington, Indiana
Property taxes in Bloomington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 0.80%, which is 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 significantly 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 47404 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Owen County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
0.80%
Average Owen County Tax Rate
0.80%
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 |
|---|---|---|---|---|---|
| 47404 | 0.41% | 0.59% | 0.80% | 1.36% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Indiana
In Bloomington, 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 Owen County Appraisal District 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. 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 zip code with the highest median tax bill is 47404, with a median bill of $1,007.
Average Bloomington Assessed Value
$117,850
Average Owen County Assessed Value
$135,000
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 |
|---|---|---|---|---|---|
| 47404 | $39,330 | $86,350 | $117,850 | $193,875 | $261,550 |
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. The assessed value is then multiplied by the local tax rate to generate the tax bill. Several factors influence the assessed value, including the home's market value, location, and any improvements made to the property. The median home price in Bloomington is $117,850, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $501, whereas the 75th percentile reaches $1,937, and the 90th percentile goes up to $2,849. The highest median tax bill in the area is $1,007, found in the 47404 zip code. These property taxes can have a substantial impact on homeowners, affecting their overall housing costs and potentially influencing their decisions on property investments and improvements. Compared to the national median property tax rate of 0.99%, Bloomington's rates offer a perspective on how local tax policies can vary and impact residents.
Average Bloomington Tax Bill
$1,007
Average Owen County Tax Bill
$1,105
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 |
|---|---|---|---|---|---|
| 47404 | $185 | $501 | $1,007 | $1,937 | $2,849 |
Source: Ownwell