Bloomingdale, Indiana Property Taxes
The median property tax rate in Bloomingdale, IN, is 0.50%, significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bloomingdale at $92,800, the typical annual property tax bill is $433, which is well below the national median of $2,690. Property taxes in Bloomingdale are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Bloomingdale'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 Bloomingdale 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
Bloomingdale, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Bloomingdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomingdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomingdale 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 Bloomingdale, Indiana
Property taxes in Bloomingdale, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomingdale is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within the city set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomingdale 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 Bloomingdale's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47832 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these figures compare with Bloomingdale provides valuable insights into the varying tax landscape across Parke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomingdale Tax Rate
0.50%
Average Parke County Tax Rate
0.56%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomingdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47832 | 0.20% | 0.28% | 0.50% | 1.07% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Bloomingdale, Indiana
In Bloomingdale, 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 Parke 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 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, in Bloomingdale, the median home price is $92,800, with tax bills ranging significantly. The 25th percentile tax bill is $202, while the 75th percentile tax bill is $936, and the 90th percentile tax bill is $1607. Notably, the zip code 47832 has both the highest and lowest median tax bills at $433. 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 Bloomingdale Assessed Value
$92,800
Average Parke County Assessed Value
$117,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomingdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47832 | $19,530 | $54,275 | $92,800 | $147,375 | $230,340 |
Source: Ownwell
Property Tax Bills Across Bloomingdale, Indiana
In Bloomingdale, Parke County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Bloomingdale is $92,800. Homeowners here experience a range of tax bills, with the 25th percentile paying around $202 and the 75th percentile facing bills up to $936. The highest median tax bill in the area is $433, which is consistent across the zip code 47832. These tax bills can significantly impact homeowners, as they must be factored into the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Bloomingdale's tax rates are relatively moderate, making it a more affordable option for property owners. Understanding these factors can help homeowners better manage their finances and anticipate annual expenses.
Average Bloomingdale Tax Bill
$433
Average Parke County Tax Bill
$683
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomingdale, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47832 | $96 | $202 | $433 | $936 | $1,607 |
Source: Ownwell