Bloomfield, Indiana Property Taxes
The median property tax rate in Bloomfield, IN is 0.96%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bloomfield at $99,600, the typical annual property tax bill amounts to $928, which is significantly below the national median of $2,690. Property taxes in Bloomfield are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bloomfield'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 Bloomfield 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
Bloomfield, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$956
Ownwell’s Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Indiana
Property taxes in Bloomfield, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47424 zip code has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Bloomfield provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
0.96%
Average Greene County Tax Rate
1.04%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47424 | 0.39% | 0.69% | 0.96% | 1.37% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Indiana
In Bloomfield, 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 Greene 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. Assessment notices in Bloomfield 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bloomfield is 47424, with a median tax bill of $928.
Average Bloomfield Assessed Value
$99,600
Average Greene County Assessed Value
$82,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47424 | $31,560 | $65,800 | $99,600 | $144,400 | $208,900 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Indiana
In Bloomfield, Greene County, IN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Bloomfield is $99,600, which serves as a baseline for calculating property taxes. The assessed value is then multiplied by the local tax rate to determine the tax bill. Various factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. Bloomfield's property tax bills show significant variation. Homeowners in the 25th percentile pay around $454, while those in the 75th percentile face bills of approximately $1,632. At the 90th percentile, the tax bill can reach up to $2,480. The highest and lowest median tax bills in the area are both $928, indicating some consistency within certain neighborhoods. Comparing these figures to the national median property tax rate of 0.99%, Bloomfield's rates can be seen as relatively moderate, influencing how affordable homeownership is in this region.
Average Bloomfield Tax Bill
$928
Average Greene County Tax Bill
$788
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47424 | $188 | $454 | $928 | $1,632 | $2,480 |
Source: Ownwell