Bainbridge, Indiana Property Taxes
The median property tax rate in Bainbridge, IN is 0.78%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bainbridge at $121,200, the typical annual property tax bill amounts to $1,013, falling below the national median of $2,690. Property taxes in Bainbridge 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 Bainbridge'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 Bainbridge 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
Bainbridge, 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 Bainbridge Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bainbridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bainbridge 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 Bainbridge, Indiana
Property taxes in Bainbridge, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bainbridge is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Bainbridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bainbridge 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 Bainbridge's effective property tax rate to other counties in Indiana and the national median. For comparison, the 46105 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Bainbridge provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bainbridge Tax Rate
0.78%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bainbridge, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46105 | 0.43% | 0.59% | 0.78% | 1.25% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Bainbridge, Indiana
In Bainbridge, 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 Putnam County Assessor's Office 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 Bainbridge, 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 Bainbridge, the median home price is $121,200, with tax bills ranging from $504 at the 25th percentile to $2,549 at the 90th percentile. 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 Bainbridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bainbridge Assessed Value
$121,200
Average Putnam County Assessed Value
$120,600
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bainbridge, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46105 | $47,800 | $74,200 | $121,200 | $187,700 | $250,200 |
Source: Ownwell
Property Tax Bills Across Bainbridge, Indiana
Property tax bills in Bainbridge, located in Putnam County, Indiana, are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office, which evaluates the property's market value and applies a specific assessment ratio. Several factors influence the tax bill, including property size, location, and any improvements or renovations made. Homeowners in Bainbridge can expect varying tax bills. For instance, those at the 25th percentile pay around $504, while those at the 75th percentile face a bill of approximately $1,684. The highest tax bills, at the 90th percentile, can reach up to $2,549. Compared to the national median property tax rate of 0.99%, Bainbridge’s rates reflect the local economic conditions and property values. These property taxes fund essential community services such as schools, public safety, and infrastructure. Therefore, understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and the benefits they receive from their contributions.
Average Bainbridge Tax Bill
$1,013
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bainbridge, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46105 | $295 | $504 | $1,013 | $1,684 | $2,549 |
Source: Ownwell