Bellevue, Illinois Property Taxes
The median property tax rate in Bellevue, Illinois is 3.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bellevue at $55,620, the typical annual property tax bill reaches $1,717, exceeding the national median of $2,690. Property taxes in Bellevue 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 Bellevue'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 Bellevue 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
Bellevue, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.09%
Estimate Property Tax Bill
$1,719
$1,679
Ownwell’s Bellevue Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bellevue with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellevue 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 Bellevue, Illinois
Property taxes in Bellevue, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellevue is 3.09%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bellevue set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellevue 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 Bellevue's effective property tax rate to other regions and the national median. For comparison, the 61604 zip code has the highest median property tax rate of 3.09%, while the same zip code also has the lowest median tax rate of 3.09%. Understanding how these areas compare with Bellevue provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellevue Tax Rate
3.09%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellevue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | 2.80% | 3.09% | 3.09% | 3.09% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Bellevue, Illinois
In Bellevue, 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 Peoria 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 Bellevue, 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 Bellevue is $55,620, with tax bills ranging from $998 at the 25th percentile to $2,706 at the 90th percentile. The zip code 61604 has the highest and lowest median tax bill of $1,717. Being aware of these valuation processes in Bellevue helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bellevue Assessed Value
$55,620
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellevue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | $18,900 | $32,325 | $55,620 | $88,455 | $96,660 |
Source: Ownwell
Property Tax Bills Across Bellevue, Illinois
In Bellevue, Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the home's location, its condition, and any improvements can influence its assessed value. For homeowners in Bellevue, the median home price stands at $55,620. Property tax bills can vary significantly, with the 25th percentile tax bill at $998 and the 75th percentile reaching $2,354. At the higher end, the 90th percentile tax bill can go up to $2,706. These figures highlight the range of property tax burdens that homeowners might face. Compared to the national median property tax rate of 0.99%, Bellevue's property taxes can represent a substantial financial consideration for residents. High property taxes can affect homeowners by increasing their annual expenses, potentially impacting affordability and long-term financial planning.
Average Bellevue Tax Bill
$1,717
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellevue, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61604 | $583 | $998 | $1,717 | $2,354 | $2,706 |
Source: Ownwell