Braidwood, Illinois Property Taxes
The median property tax rate in Braidwood, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Braidwood at $92,756, the typical annual property tax bill reaches $2,430, slightly below the national median of $2,690. Property taxes in Braidwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Braidwood'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 Braidwood 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
Braidwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$2,393
$2,338
Ownwell’s Braidwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Braidwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Braidwood 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 Braidwood, Illinois
Property taxes in Braidwood, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Braidwood is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Braidwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Braidwood 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 Braidwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60408 has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these figures compare with Braidwood provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braidwood Tax Rate
2.58%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Braidwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60408 | 2.41% | 2.45% | 2.58% | 2.73% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Braidwood, Illinois
In Braidwood, 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 Grundy 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 Braidwood, 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 Braidwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60408 has both the highest and lowest median tax bill at $2,430.
Average Braidwood Assessed Value
$92,756
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Braidwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60408 | $38,185 | $48,537 | $92,756 | $134,856 | $141,395 |
Source: Ownwell
Property Tax Bills Across Braidwood, Illinois
In Braidwood, located in Grundy County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Braidwood, the median home price is $92,756. Property taxes can vary significantly; for instance, tax bills at the 25th percentile are around $1,194, while those at the 75th percentile can reach $3,693. This variation is influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Braidwood's tax rates can result in higher or lower bills depending on individual assessments. Homeowners need to be aware of these factors as they directly impact their annual financial obligations and the affordability of homeownership in the area. Understanding how these elements interplay can help residents better manage and anticipate their property tax expenses.
Average Braidwood Tax Bill
$2,430
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Braidwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60408 | $925 | $1,194 | $2,430 | $3,693 | $4,009 |
Source: Ownwell