Bedford, Indiana Property Taxes
The median property tax rate in Bedford, IN is 0.87%, 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 Bedford at $128,100, the typical annual property tax bill reaches $1,129, falling below the national median of $2,690. Property taxes in Bedford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bedford'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 Bedford or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bedford, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,114
Ownwell’s Bedford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bedford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bedford 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 Bedford, Indiana
Property taxes in Bedford, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bedford is 0.87%, slightly lower than the U.S. national median of 0.99%. Local government entities within Bedford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bedford 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 Bedford's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47421 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 cities compare with Bedford provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bedford Tax Rate
0.87%
Average Lawrence County Tax Rate
0.81%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | 0.41% | 0.64% | 0.87% | 1.11% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Bedford, Indiana
In Bedford, 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 Lawrence 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 Bedford, 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 Bedford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bedford is $128,100, with the median tax bill being $1,129.
Average Bedford Assessed Value
$128,100
Average Lawrence County Assessed Value
$124,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | $46,720 | $84,300 | $128,100 | $190,400 | $276,380 |
Source: Ownwell
Property Tax Bills Across Bedford, Indiana
In Bedford, located in Lawrence County, IN, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The tax rate applied to this assessed value determines the annual property tax bill. For instance, with a median home price of $128,100, homeowners can expect varying tax bills. The 25th percentile tax bill stands at $594, while the 75th percentile reaches $1,791. At the higher end, the 90th percentile tax bill is $2,738. These figures illustrate the range of property tax obligations within the city. Several factors influence these tax calculations, including property size, location, and any applicable exemptions. Comparing Bedford's property tax rate to the national median rate of 0.99%, it’s evident that local rates can significantly impact homeowners' financial responsibilities. For residents in the 47421 zip code, the median tax bill is $1,129, showcasing the consistency within this area. Understanding these elements helps homeowners better anticipate and manage their annual property tax expenses.
Average Bedford Tax Bill
$1,129
Average Lawrence County Tax Bill
$1,042
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bedford, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47421 | $284 | $594 | $1,129 | $1,791 | $2,738 |
Source: Ownwell