Brook, Indiana Property Taxes
The median property tax rate in Brook, IN is 0.45%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $207,000 in Brook, the typical annual property tax bill is $850, which is well below the national median of $2,690. Property taxes in Brook 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 Brook'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 Brook or another part of Jasper County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brook, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$932
Ownwell’s Brook Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brook with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brook 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 Brook, Indiana
Property taxes in Brook, Indiana, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Brook is 0.45%, which is considerably lower than the U.S. national median of 0.99%. Local government entities within Brook set these rates annually, and they can vary across different neighborhoods. Each year, Brook 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 Brook's effective property tax rate to other areas in Jasper County and the national median. For comparison, the zip code 47922 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these areas compare with Brook provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brook Tax Rate
0.45%
Average Jasper County Tax Rate
0.49%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brook, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47922 | 0.32% | 0.40% | 0.45% | 0.61% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Brook, Indiana
In BROOK, 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 Jasper 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. In BROOK, 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. The median home price in BROOK is $207,000, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $491, while the 75th percentile tax bill is $1,620. The highest median tax bill is $850 in the 47922 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brook Assessed Value
$207,000
Average Jasper County Assessed Value
$186,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brook, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47922 | $88,710 | $144,475 | $207,000 | $263,775 | $334,260 |
Source: Ownwell
Property Tax Bills Across Brook, Indiana
In Brook, located in Jasper County, IN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate various factors such as the property's market value, size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Brook, the tax bills can vary significantly. At the 25th percentile, the tax bill is around $491, while at the 75th percentile, it rises to $1620. For those at the 90th percentile, the tax bill can reach up to $2180. These figures illustrate the range of property taxes that homeowners might expect, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, the tax rates in Brook reflect the local economic conditions and governmental needs, directly impacting homeowners' annual expenses. Understanding these factors is crucial for homeowners to anticipate their financial obligations accurately.
Average Brook Tax Bill
$850
Average Jasper County Tax Bill
$974
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Brook, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47922 | $297 | $491 | $850 | $1,620 | $2,180 |
Source: Ownwell