Bruceville, Indiana Property Taxes
The median property tax rate in Bruceville, IN is 0.58%, significantly lower than both the national median of 0.99% and Indiana’s state median of 0.99%. With a median home value of $130,950, the typical annual property tax bill in Bruceville is $813, well below the national median of $2,690. Property taxes in Bruceville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Bruceville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Bruceville or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bruceville, 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 Bruceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruceville 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 Bruceville, Indiana
Property taxes in Bruceville, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruceville is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Bruceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruceville 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 Bruceville's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47516 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Bruceville provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruceville Tax Rate
0.58%
Average Knox County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruceville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47516 | 0.36% | 0.47% | 0.58% | 0.95% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Bruceville, Indiana
In Bruceville, 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 Knox 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. In Bruceville, 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. Bruceville’s median home price is $130,950, with tax bills ranging from $392 at the 25th percentile to $2,102 at the 90th percentile. The zip code 47516 has both the highest and lowest median tax bill at $813. Being aware of these valuation processes in Bruceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bruceville Assessed Value
$130,950
Average Knox County Assessed Value
$96,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bruceville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47516 | $30,780 | $65,800 | $130,950 | $226,725 | $327,500 |
Source: Ownwell
Property Tax Bills Across Bruceville, Indiana
Property tax bills in Bruceville, Knox County, Indiana are determined based on the assessed value of a home, which is typically a percentage of the property's market value. The median home price in this area is $130,950. The property tax rate in Indiana is applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. For homeowners in Bruceville, tax bills can vary significantly. The tax bill at the 25th percentile is $392, while at the 75th percentile, it rises to $1,461. At the 90th percentile, homeowners might pay up to $2,102. The highest and lowest median tax bills in the area both stand at $813, indicating a relatively stable tax rate within this zip code. Compared to the national median property tax rate of 0.99%, Bruceville's property tax rate offers a competitive landscape for homeowners, potentially resulting in more manageable tax bills relative to other regions.
Average Bruceville Tax Bill
$813
Average Knox County Tax Bill
$903
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruceville, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47516 | $223 | $392 | $813 | $1,461 | $2,102 |
Source: Ownwell