Brazil, Indiana Property Taxes
The median property tax rate in Brazil, IN is 0.93%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Brazil at $114,500, the typical annual property tax bill reaches $1,537, which is below the national median of $2,690. Property taxes in Brazil are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Brazil'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 Brazil or another part of Putnam County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brazil, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,065
Ownwell’s Brazil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brazil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brazil 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 Brazil, Indiana
Property taxes in Brazil, Indiana, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brazil is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Brazil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brazil 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 Brazil's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code 47834 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Brazil 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 Brazil Tax Rate
0.93%
Average Putnam County Tax Rate
0.77%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | 0.54% | 0.61% | 0.93% | 1.07% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Brazil, Indiana
In Brazil, 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 Brazil, 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. 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 Brazil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Brazil is found in zip code 47834, amounting to $1,537, while the lowest median tax bill is also in zip code 47834, reflecting the same value.
Average Brazil Assessed Value
$114,500
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 Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | $69,600 | $81,200 | $114,500 | $200,800 | $250,600 |
Source: Ownwell
Property Tax Bills Across Brazil, Indiana
In Brazil, located in Putnam County, IN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government assessors, who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Brazil, the median home price is $114,500. Property tax bills can vary significantly, with the 25th percentile at $534 and the 75th percentile reaching $2,249. For those at the 90th percentile, tax bills can be as high as $2,388. The highest median tax bill in the area is $1,537, found in the zip code 47834. Compared to the national median property tax rate of 0.99%, homeowners in Brazil may find their property tax bills to be relatively moderate or high, depending on the assessed value of their property. These taxes fund essential local services, impacting community resources and homeowners' budgets.
Average Brazil Tax Bill
$1,537
Average Putnam County Tax Bill
$978
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Brazil, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47834 | $330 | $534 | $1,537 | $2,249 | $2,388 |
Source: Ownwell