Beecher City, Illinois Property Taxes
The median property tax rate in Beecher City, IL is 1.88%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $75,207 in Beecher City, the typical annual property tax bill reaches $1,301, which is below the national median of $2,690. Property taxes in Beecher City 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 Beecher City'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 Beecher City or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beecher City, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Beecher City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beecher City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beecher City 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 Beecher City, Illinois
Property taxes in Beecher City, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beecher City is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Beecher City set these rates annually, and they can vary across different neighborhoods. Each year, Beecher City 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 Beecher City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62414 zip code has both the highest and lowest median property tax rate of 1.88%. Understanding how these areas compare with Beecher City provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beecher City Tax Rate
1.88%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | 1.13% | 1.58% | 1.88% | 2.21% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Beecher City, Illinois
In Beecher City, Illinois, 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 Fayette 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 Beecher City, 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. For instance, the median home price is $75,207, with tax bills ranging from $619 at the 25th percentile to $3,000 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62414, valued at $1,301. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beecher City Assessed Value
$75,207
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | $20,907 | $39,340 | $75,207 | $119,091 | $154,863 |
Source: Ownwell
Property Tax Bills Across Beecher City, Illinois
In Beecher City, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For example, with a median home price of $75,207, the property tax bill can vary significantly. Several factors influence the final tax bill, including the property's location, the local tax rate, and any applicable exemptions. Homeowners in Beecher City can expect to see tax bills ranging from the 25th percentile at $619 to the 75th percentile at $2,121, with the 90th percentile reaching up to $3,000. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially influencing decisions about purchasing or maintaining property in the area.
Average Beecher City Tax Bill
$1,301
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | $332 | $619 | $1,301 | $2,121 | $3,000 |
Source: Ownwell