47408 Property Tax Rate

Property owners in ZIP code 47408 (Bloomington, Indiana) pay a median of $2,403/year in property taxes on homes valued at $304,600. This translates to an effective tax rate of 0.79%, which is 14% above the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47408 is approximately $200, which factors into escrow payments on mortgages. This ZIP code is located within Monroe County. This is $1,152 more than the Indiana average of $1,251/year.

Compared to similar ZIP codes in Indiana, 47408 has lower property taxes. ZIP codes with similar effective rates include 47948 (0.79%) and 47670 (0.79%).

In Bloomington, property taxes represent approximately 5.3% of the median household income of $45,584, 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.