Brookston, Carroll County, Indiana Property Taxes
The median property tax rate in Brookston, IN is 1.03%, slightly higher than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Brookston at $88,500, the typical annual property tax bill reaches $482, which is significantly lower than the national median of $2,690. Property taxes in Brookston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Brookston'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 Brookston 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
Brookston, Carroll County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$912
$846
Ownwell’s Brookston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookston 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 Brookston, Carroll County, Indiana
Property taxes in Brookston, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookston is 0.87%, which is lower than both the Indiana state median of 0.85% and the U.S. national median of 0.99%. Local government entities within Brookston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookston 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 Brookston's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47923 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these areas compare with Brookston provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookston Tax Rate
1.03%
Average Carroll County Tax Rate
0.65%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookston, Carroll County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47923 | 0.35% | 0.46% | 1.03% | 1.15% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Brookston, Carroll County, Indiana
In Brookston, 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 Carroll 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 Brookston, 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 Brookston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47923 has the highest and lowest median tax bill at $482.
Property Tax Assessment Values Across Brookston, Carroll County, Indiana
Source: Ownwell
$46,100
$145,900
$245,700
Average Brookston Assessed Value
$88,500
Average Carroll County Assessed Value
$127,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookston, Carroll County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47923 | $9,800 | $20,700 | $88,500 | $140,500 | $200,100 |
Source: Ownwell
Property Tax Bills Across Brookston, Carroll County, Indiana
In Brookston, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Brookston is $88,500. Property taxes are then applied to this assessed value using the local tax rate. Several factors influence the total tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners in Brookston, the 25th percentile tax bill is $202, while the 75th percentile tax bill reaches $921. At the 90th percentile, homeowners can expect to pay around $1,321. These figures indicate that property taxes can vary significantly within the community. The highest median tax bill in the area is $482, found in the 47923 zip code, which matches the lowest median tax bill, illustrating some degree of uniformity in tax assessments within that zip code. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their household budgets more effectively.
Average Brookston Tax Bill
$482
Average Carroll County Tax Bill
$831
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookston, Carroll County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47923 | $97 | $202 | $482 | $921 | $1,321 |
Source: Ownwell