Broughton, Illinois Property Taxes
The median property tax rate in Broughton, IL is 1.84%, significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $48,474 in Broughton, the typical annual property tax bill amounts to $817, which is below the national median of $2,690. Property taxes in Broughton are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Broughton's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Broughton or another part of Hamilton County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Broughton, 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 Broughton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broughton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broughton 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 Broughton, Illinois
Property taxes in Broughton, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Broughton is 1.84%, significantly higher than the U.S. national median of 0.99%. Local government entities within Broughton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broughton 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 Broughton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62817 has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these areas compare with Broughton provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Broughton Tax Rate
1.84%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broughton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62817 | 0.75% | 1.44% | 1.84% | 2.15% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Broughton, Illinois
In Broughton, 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 Hamilton County Assessor 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 Broughton, 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 Broughton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Broughton is $817 in the 62817 zip code, while the lowest is also $817 in the same zip code.
Average Broughton Assessed Value
$48,474
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Broughton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62817 | $7,316 | $19,179 | $48,474 | $105,969 | $168,479 |
Source: Ownwell
Property Tax Bills Across Broughton, Illinois
In Broughton, Hamilton County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is a percentage of the market value of the home. For instance, with a median home price of $48,474, the assessed value would be a fraction of this market price. The tax rate is then applied to the assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions. Homeowners in Broughton see a wide range in their tax bills, with the 25th percentile paying around $252 annually, while those in the 75th percentile pay about $1,837. The top 10% of taxpayers face bills as high as $3,066. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and make informed decisions about property ownership.
Average Broughton Tax Bill
$817
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Broughton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62817 | $90 | $252 | $817 | $1,837 | $3,066 |
Source: Ownwell