Bennington, Indiana Property Taxes
The median property tax rate in Bennington, IN is 0.75%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $114,450 in Bennington, the typical annual property tax bill is around $910, significantly below the national median of $2,690. Property taxes in Bennington 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 Bennington'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 Bennington 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
Bennington, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$858
Ownwell’s Bennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennington 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 Bennington, Indiana
Property taxes in Bennington, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47011 has both the highest and lowest median property tax rate at 0.75%. Understanding how these areas compare with Bennington provides valuable insights into the varying tax landscape across Switzerland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
0.75%
Average Switzerland County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | 0.45% | 0.59% | 0.75% | 1.27% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Indiana
In Bennington, 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 Switzerland 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 Bennington, 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. The median home price in Bennington is $114,450, with annual tax bills ranging from $475 at the 25th percentile to $2,270 at the 90th percentile. The zip code 47011 has both the highest and lowest median tax bills at $910. Being aware of these valuation processes in Bennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bennington Assessed Value
$114,450
Average Switzerland County Assessed Value
$86,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | $42,690 | $80,950 | $114,450 | $166,350 | $220,970 |
Source: Ownwell
Property Tax Bills Across Bennington, Indiana
In Bennington, Switzerland County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the property's market value, reflecting its worth on the open market. Several factors influence this value, including the property's size, location, and condition. Homeowners in Bennington can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $475, while the 75th percentile tax bill reaches $1,526. Those in the 90th percentile see tax bills as high as $2,270. The median home price in Bennington is $114,450, and the median property tax bill in the area is $910. This rate is comparatively lower than the national median property tax rate of 0.99%, making Bennington an attractive location for homeowners seeking lower property tax burdens. Understanding these factors helps homeowners anticipate their annual property tax expenses and manage their budgets effectively.
Average Bennington Tax Bill
$910
Average Switzerland County Tax Bill
$696
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | $255 | $475 | $910 | $1,526 | $2,270 |
Source: Ownwell