Belknap, Illinois Property Taxes
The median property tax rate in Belknap, IL is 2.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Belknap, the typical annual property tax bill reaches $822, which is lower than the national median of $2,690. Property taxes in Belknap 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 Belknap'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 Belknap 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
Belknap, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$956
$934
Ownwell’s Belknap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belknap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belknap 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 Belknap, Illinois
Property taxes in Belknap, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belknap is 2.08%, significantly higher than both the Illinois state median of 2.08% and the U.S. national median of 0.99%. Local government entities within Belknap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belknap 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 Belknap's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62908 zip code has the highest median property tax rate of 2.08%, while the 62908 zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with Belknap provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belknap Tax Rate
2.08%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | 0.89% | 1.50% | 2.08% | 2.50% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Belknap, Illinois
In Belknap, 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 local 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 Belknap, 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 Belknap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 62908, with a bill of $822.00, while the same zip code also records the lowest median tax bill at $822.00.
Average Belknap Assessed Value
$45,969
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | $5,001 | $18,150 | $45,969 | $91,074 | $138,546 |
Source: Ownwell
Property Tax Bills Across Belknap, Illinois
In Belknap, Johnson County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Homeowners in Belknap experience tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $237, while the 75th percentile tax bill reaches up to $1,848. At the higher end, the 90th percentile tax bill is approximately $2,968. These property tax bills can have a substantial impact on homeowners. A median home price of $45,969 means that even small variations in the tax rate or assessed value can lead to noticeable changes in the annual tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Belknap may find their tax obligations to be relatively moderate. This variability underscores the importance of understanding how local tax rates and property assessments influence one's financial responsibilities.
Average Belknap Tax Bill
$822
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | $125 | $237 | $822 | $1,848 | $2,968 |
Source: Ownwell