Bloomington, Indiana Property Taxes
The median property tax rate in Bloomington, IN is 0.91%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bloomington at $249,800, the typical annual property tax bill reaches $2,444, which is under the national median of $2,690. Property taxes in Bloomington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Bloomington'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 Bloomington 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
Bloomington, 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 Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Indiana
Property taxes in Bloomington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other areas in Monroe County and the national median. For comparison, the 47402 zip code has the highest median property tax rate of 1.60%, while the 47403 zip code has the lowest median tax rate of 0.73%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
0.91%
Average Monroe County Tax Rate
0.90%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | 0.61% | 0.77% | 0.98% | 1.29% | 1.81% |
| 47402 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
| 47403 | 0.51% | 0.63% | 0.73% | 1.00% | 1.55% |
| 47404 | 0.58% | 0.73% | 0.87% | 1.24% | 1.81% |
| 47405 | N/A | N/A | N/A | N/A | N/A |
| 47406 | N/A | N/A | N/A | N/A | N/A |
| 47408 | 0.58% | 0.73% | 0.96% | 1.79% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Indiana
In Bloomington, 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 Monroe 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 Bloomington, 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. For example, the median home price in Bloomington is $249,800, with the median tax bill ranging from $1,476 at the 25th percentile to $5,428 at the 90th percentile. The highest median tax bill is in zip code 47401 at $3,153, while the lowest median tax bill is in zip code 47403 at $1,794. 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomington Assessed Value
$249,800
Average Monroe County Assessed Value
$243,500
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | $132,000 | $193,600 | $300,100 | $433,500 | $580,920 |
| 47402 | $156,200 | $156,200 | $156,200 | $156,200 | $156,200 |
| 47403 | $121,900 | $170,500 | $220,000 | $281,300 | $381,000 |
| 47404 | $116,400 | $172,175 | $234,700 | $312,900 | $397,380 |
| 47405 | N/A | N/A | N/A | N/A | N/A |
| 47406 | N/A | N/A | N/A | N/A | N/A |
| 47408 | $124,200 | $176,250 | $263,000 | $356,150 | $497,260 |
Source: Ownwell
Property Tax Bills Across Bloomington, Indiana
In Bloomington, Monroe County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is based on the property's market value, which is periodically evaluated by local assessors. Factors such as property size, location, and market trends influence this assessed value. Homeowners in Bloomington experience a range of property tax bills. For instance, the 25th percentile tax bill is around $1,476, while the 75th percentile reaches $3,773. At the 90th percentile, homeowners can see bills as high as $5,428. The highest median tax bill in the area is $3,153 in the 47401 zip code, whereas the lowest median tax bill is $1,794 in the 47403 zip code. These tax bills impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Bloomington's rates can vary, potentially making homeownership more or less affordable depending on the specific property and its assessed value.
Average Bloomington Tax Bill
$2,444
Average Monroe County Tax Bill
$2,375
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47401 | $985 | $1,824 | $3,153 | $4,640 | $6,330 |
| 47402 | $2,498 | $2,498 | $2,498 | $2,498 | $2,498 |
| 47403 | $717 | $1,194 | $1,794 | $2,612 | $3,707 |
| 47404 | $808 | $1,478 | $2,252 | $3,065 | $4,172 |
| 47405 | N/A | N/A | N/A | N/A | N/A |
| 47406 | N/A | N/A | N/A | N/A | N/A |
| 47408 | $895 | $1,669 | $2,815 | $4,266 | $6,187 |
Source: Ownwell