Bedford, Indiana Property Taxes
The median property tax rate in Bedford, IN is 0.71%, notably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bedford at $239,200, the typical annual property tax bill amounts to $1,764, which is significantly below the national median of $2,690. Property taxes in Bedford are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bedford'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 Bedford 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
Bedford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,698
-$17,798
Ownwell’s Bedford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bedford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bedford 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 Bedford, Indiana
Property taxes in Bedford, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bedford is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bedford 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 Bedford's effective property tax rate to other areas in Monroe County and the national median. For comparison, the 47421 zip code in Bedford has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Bedford provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bedford Tax Rate
0.71%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | 0.47% | 0.61% | 0.71% | 0.78% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Bedford, Indiana
In Bedford, 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 Monroe 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 Bedford, 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. For instance, the highest median tax bill in Bedford is $1,764 in zip code 47421, which is the same as the lowest median 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 Bedford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bedford Assessed Value
$239,200
Average Monroe County Assessed Value
$243,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | $120,300 | $198,400 | $239,200 | $337,500 | $444,240 |
Source: Ownwell
Property Tax Bills Across Bedford, Indiana
In Bedford, Monroe County, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Bedford can expect their tax bills to vary significantly, with the 25th percentile paying around $1,271 and the 75th percentile paying up to $2,580. For those at the 90th percentile, tax bills can reach as high as $4,248. These tax bills are influenced by various factors including the home's assessed value, local tax rates, and any applicable exemptions or deductions. The median home price in Bedford is $239,200, which helps give context to these tax figures. Compared to the national median property tax rate of 0.99%, Bedford's property taxes can be seen as relatively moderate. Homeowners should be aware that while property taxes fund essential community services, they also represent a significant recurring expense that can impact overall affordability.
Average Bedford Tax Bill
$1,764
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | $727 | $1,271 | $1,764 | $2,580 | $4,248 |
Source: Ownwell