Bradford, Illinois Property Taxes
The median property tax rate in Bradford, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bradford, the typical annual property tax bill reaches $3,618, exceeding the national median of $2,690. Property taxes in Bradford 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 Bradford'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 Bradford 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
Bradford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$3,566
$3,485
Ownwell’s Bradford Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bradford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradford 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 Bradford, Illinois
Property taxes in Bradford, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradford is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bradford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradford 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 Bradford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61421 zip code has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Bradford provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradford Tax Rate
2.40%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61421 | 1.72% | 2.25% | 2.40% | 2.43% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Bradford, Illinois
In Bradford, 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 Bradford, 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 Bradford 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 is 61421, both at $3,618.
Average Bradford Assessed Value
$148,587
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61421 | $78,757 | $84,918 | $148,587 | $198,720 | $201,850 |
Source: Ownwell
Property Tax Bills Across Bradford, Illinois
In Bradford, located in Marshall County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $148,587, homeowners can expect varying tax bills. Factors such as property location, size, and use, as well as local government budgets, influence the tax rate. Homeowners in Bradford experience a range of tax bills. The 25th percentile tax bill is around $1,716, while the 75th percentile tax bill reaches $4,858. At the 90th percentile, the tax bill can be as high as $4,985. This variation reflects differences in property values and local tax rates. The highest and lowest median tax bills in the area are both $3,618, indicating some uniformity in tax assessments. These property taxes directly impact homeowners by affecting their annual housing costs and overall financial planning.
Average Bradford Tax Bill
$3,618
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61421 | $1,444 | $1,716 | $3,618 | $4,858 | $4,985 |
Source: Ownwell