Brazil, Indiana Property Taxes
The median property tax rate in Brazil, IN is 0.45%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Brazil at $87,100, the typical annual property tax bill is $461, which is well below the national median of $2,690. Property taxes in Brazil are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Brazil'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 Brazil or another part of Clay County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brazil, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$392
Ownwell’s Brazil Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brazil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brazil to provide an estimate of your property tax bill. This valuable 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 Brazil, Indiana
Property taxes in Brazil, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brazil is 0.45%, which is lower than the U.S. national median of 0.99%. Local government entities within Brazil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brazil 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 Brazil's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47834 zip code has the highest median property tax rate of 0.45%, while it also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Brazil provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brazil Tax Rate
0.45%
Average Clay County Tax Rate
0.47%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | 0.22% | 0.33% | 0.45% | 0.89% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Brazil, Indiana
In Brazil, 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 local 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. In Brazil, 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 Brazil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Clay County, the highest and lowest median tax bills both stand at $461, found in zip code 47834. The 25th percentile tax bill is $222, while the 75th percentile tax bill is $822.
Average Brazil Assessed Value
$87,100
Average Clay County Assessed Value
$81,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | $24,200 | $50,700 | $87,100 | $149,000 | $210,300 |
Source: Ownwell
Property Tax Bills Across Brazil, Indiana
In Brazil, located in Clay County, Indiana, property tax bills are determined based on the assessed value of a home, which is influenced by various factors including market conditions and property characteristics. The median home price in Brazil is $87,100. Homeowners can expect their tax bills to vary significantly, with the 25th percentile at $222 and the 75th percentile reaching $822, while the 90th percentile can go up to $1,311. The highest and lowest median tax bills in the region both stand at $461, specifically in the 47834 zip code. These tax bills are calculated by applying the local tax rate to the assessed value of the property. For homeowners, this means that property taxes can have a considerable impact on annual expenses, potentially influencing decisions related to homeownership and financial planning. Compared to the national median property tax rate of 0.99%, Brazil’s property tax rates reflect the local economic conditions and public service funding requirements.
Average Brazil Tax Bill
$461
Average Clay County Tax Bill
$422
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | $122 | $222 | $461 | $822 | $1,311 |
Source: Ownwell