Bourbonnais, Illinois Property Taxes
The median property tax rate in Bourbonnais, IL is 2.86%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bourbonnais at $176,544, the typical annual property tax bill reaches $4,742, exceeding the national median of $2,690. Property taxes in Bourbonnais 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 Bourbonnais'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 Bourbonnais or another part of Kankakee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bourbonnais, 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 Bourbonnais Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bourbonnais with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bourbonnais 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 Kankakee County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bourbonnais, Illinois
Property taxes in Bourbonnais, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bourbonnais is 2.86%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bourbonnais set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bourbonnais 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 Bourbonnais's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60914 has the highest median property tax rate of 2.86%, while the same zip code also has the lowest median tax rate of 2.86%. Understanding how these cities compare with Bourbonnais provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bourbonnais Tax Rate
2.86%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bourbonnais, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60914 | 2.17% | 2.66% | 2.86% | 3.14% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Bourbonnais, Illinois
In Bourbonnais, 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 Kankakee 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 Bourbonnais, 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 Bourbonnais helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Bourbonnais is 60914, with a median tax bill of $4,742.
Average Bourbonnais Assessed Value
$176,544
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bourbonnais, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60914 | $111,433 | $133,842 | $176,544 | $246,351 | $369,291 |
Source: Ownwell
Property Tax Bills Across Bourbonnais, Illinois
In Bourbonnais, located in Kankakee County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, determines the final tax bill. Factors such as property type, location, and any applicable exemptions play a crucial role in the calculation. For homeowners in Bourbonnais, the property tax burden can vary significantly. The median home price stands at $176,544, with property tax bills ranging widely. At the 25th percentile, homeowners might expect to pay around $3,577 annually, while those at the 75th percentile could see bills as high as $7,287. For the top 10% of homeowners, tax bills can soar to approximately $11,560. Comparatively, the national median property tax rate is 0.99%, making Bourbonnais's rates relatively higher. This disparity can significantly impact homeowners, influencing decisions on property purchases and long-term financial planning.
Average Bourbonnais Tax Bill
$4,742
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bourbonnais, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60914 | $2,734 | $3,577 | $4,742 | $7,287 | $11,560 |
Source: Ownwell