Bardolph, Illinois Property Taxes
The median property tax rate in Bardolph, IL is 2.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bardolph, the typical annual property tax bill reaches $802, which is significantly lower than the national median of $2,690. Property taxes in Bardolph 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 Bardolph'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 Bardolph or another part of McDonough County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bardolph, 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 Bardolph Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bardolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bardolph 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 Bardolph, Illinois
Property taxes in Bardolph, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bardolph is 2.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bardolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bardolph 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 Bardolph's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61416 zip code has the highest median property tax rate of 2.98%, while the same 61416 zip code also has the lowest median tax rate of 2.98%. Understanding how these cities compare with Bardolph provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bardolph Tax Rate
2.98%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bardolph, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61416 | 1.60% | 2.08% | 2.98% | 3.61% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Bardolph, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bardolph, IL. 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 McDonough 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 Bardolph, 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. The median home price in Bardolph is $26,223, with tax bills ranging from $462 at the 25th percentile to $1,186 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bardolph Assessed Value
$26,223
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bardolph, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61416 | $15,350 | $17,391 | $26,223 | $30,474 | $43,348 |
Source: Ownwell
Property Tax Bills Across Bardolph, Illinois
In Bardolph, located in McDonough County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $26,223, the property tax bill can vary significantly. Factors such as the property's location, size, and condition play a crucial role in determining the assessed value. Homeowners in Bardolph can expect a range of property tax bills. For example, the 25th percentile tax bill is around $462, while the 75th percentile tax bill reaches $1,130. At the higher end, the 90th percentile tax bill is approximately $1,186. These figures highlight the variability in property tax liabilities, which can impact homeowners' financial planning and budgeting. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property tax rates in Bardolph can be quite variable, affecting how much homeowners ultimately pay each year.
Average Bardolph Tax Bill
$802
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bardolph, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61416 | $384 | $462 | $802 | $1,130 | $1,186 |
Source: Ownwell