Bennington, Indiana Property Taxes
The median property tax rate in Bennington, IN is 0.68%, which is significantly lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Bennington, the typical annual property tax bill is $1,045, considerably below the national median of $2,690. Property taxes in Bennington are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bennington'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 Bennington 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
Bennington, 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 Bennington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bennington 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 Bennington, Indiana
Property taxes in Bennington, Indiana, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 0.68%, lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington's effective property tax rate to other counties in Indiana and the national median. For comparison, the 47011 zip code has the highest median property tax rate of 0.68%, while the 47011 zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Bennington provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
0.68%
Average Ohio County Tax Rate
0.73%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | 0.43% | 0.58% | 0.68% | 1.12% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Indiana
In Bennington, 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 Ohio 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 Bennington, 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 Bennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both found in zip code 47011, with a value of $1,045.
Average Bennington Assessed Value
$155,850
Average Ohio County Assessed Value
$161,350
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | $81,110 | $121,100 | $155,850 | $216,375 | $258,070 |
Source: Ownwell
Property Tax Bills Across Bennington, Indiana
In Bennington, property tax bills are calculated based on the assessed value of a home, which is determined by the Ohio County assessor. The assessed value is typically a percentage of the property's market value. Various factors influence the tax bill, including the home's location, size, and any improvements made. The tax rate is then applied to the assessed value to determine the final tax bill. Homeowners in Bennington face a range of property tax bills. For instance, the 25th percentile tax bill is around $734, while the 75th percentile reaches $1,566. At the 90th percentile, the tax bill can be as high as $3,011. Comparatively, the highest median tax bill in the area is $1,045, which aligns with the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors interplay can help homeowners anticipate and manage their property tax obligations more effectively.
Average Bennington Tax Bill
$1,045
Average Ohio County Tax Bill
$1,342
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47011 | $361 | $734 | $1,045 | $1,566 | $3,011 |
Source: Ownwell