47401 Property Tax Rate

Property owners in ZIP code 47401 (Bloomington, Indiana) pay a median of $2,596/year in property taxes on homes valued at $333,100. This translates to an effective tax rate of 0.78%, which is 12% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47401 is approximately $216, which factors into escrow payments on mortgages. This ZIP code is located within Monroe County. This is $1,345 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47401 has lower property taxes. ZIP codes with similar effective rates include 46536 (0.78%) and 46545 (0.78%).

In Bloomington, property taxes represent approximately 4.0% of the median household income of $65,643, providing context for the relative tax burden on homeowners in this area.

Monroe County will reassess your property to purchase price during the next triennial cycle; at $333,100, your tax bill could be substantial once reassessment occurs. Monroe County provides a Homestead Exemption, Senior Exemption (65+), and Disabled Exemption—contact the Monroe County Assessor immediately to apply for all programs you qualify for. File your exemption claims before the 45-day deadline shown on your initial assessment notice to capture tax savings from year one.