Bellmont, Illinois Property Taxes
The median property tax rate in Bellmont, Illinois is 1.80%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bellmont, the typical annual property tax bill reaches $510, which is significantly lower than the national median of $2,690. Property taxes in Bellmont 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 Bellmont'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 Bellmont 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
Bellmont, 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 Bellmont Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bellmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellmont 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 Bellmont, Illinois
Property taxes in Bellmont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellmont is 1.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bellmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellmont 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 Bellmont's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62811 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Bellmont provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellmont Tax Rate
1.80%
Average Wabash County Tax Rate
1.99%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62811 | 0.95% | 1.21% | 1.80% | 2.26% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Bellmont, Illinois
In Bellmont, 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 Wabash 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 Bellmont, 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 Bellmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bellmont is $31,560, with annual tax bills ranging from $175 at the 25th percentile to $1,288 at the 90th percentile. The zip code 62811 has both the highest and lowest median tax bill at $510.
Average Bellmont Assessed Value
$31,560
Average Wabash County Assessed Value
$80,445
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62811 | $2,196 | $7,762 | $31,560 | $90,450 | $100,404 |
Source: Ownwell
Property Tax Bills Across Bellmont, Illinois
In Bellmont, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. For example, with a median home price of $31,560, the assessed value would be a fraction of this amount. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including property location, improvements, and exemptions for which the homeowner might qualify. In Bellmont, tax bills can vary significantly, with the 25th percentile at $175 and the 75th percentile at $825. At the 90th percentile, homeowners might pay up to $1,288. Compared to the national median property tax rate of 0.99%, Bellmont's property taxes can be more manageable, reflecting the lower property values in the area. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Bellmont Tax Bill
$510
Average Wabash County Tax Bill
$1,448
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellmont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62811 | $48 | $175 | $510 | $825 | $1,288 |
Source: Ownwell