Brookville, Indiana Property Taxes
The median property tax rate in Brookville, IN is 0.87%, slightly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Brookville at $146,050, the typical annual property tax bill comes to $1,194, which is below the national median of $2,690. Property taxes in Brookville are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Brookville'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 Brookville or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brookville, 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 BROOKVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BROOKVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BROOKVILLE 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 Brookville, Indiana
Property taxes in Brookville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookville is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Brookville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookville 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 Brookville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47012 zip code has both the highest and lowest median property tax rate of 0.87%. Understanding how these cities compare with Brookville provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookville Tax Rate
0.87%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47012 | 0.50% | 0.67% | 0.87% | 1.39% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Brookville, Indiana
In Brookville, 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 Franklin County Appraisal District 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 Brookville, 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 Brookville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47012 has the highest and lowest median tax bill at $1,194, reflecting the variability within the region.
Average Brookville Assessed Value
$146,050
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47012 | $19,490 | $73,100 | $146,050 | $221,200 | $308,110 |
Source: Ownwell
Property Tax Bills Across Brookville, Indiana
In Brookville, Franklin County, IN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as the property's size, location, and condition can influence the assessed value. Homeowners in Brookville experience a range of property tax bills, with the 25th percentile paying around $505 and the 75th percentile facing bills up to $1983. The 90th percentile sees tax bills as high as $2915. Compared to the national median property tax rate of 0.99%, Brookville's property tax rates can vary significantly depending on the specific property and its assessed value. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligation associated with property ownership.
Average Brookville Tax Bill
$1,194
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47012 | $262 | $505 | $1,194 | $1,983 | $2,915 |
Source: Ownwell