Burnt Prairie, Illinois Property Taxes
The median property tax rate in Burnt Prairie, IL is 2.15%, considerably higher than the national median of 0.99% but slightly lower than the Illinois state median of 2.35%. With the median home value in Burnt Prairie, the typical annual property tax bill reaches $510, which is significantly below the national median of $2,690. Property taxes in Burnt Prairie are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Burnt Prairie'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 Burnt Prairie or another part of White County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Burnt Prairie, 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 BURNT PRAIRIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BURNT PRAIRIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BURNT PRAIRIE 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 Burnt Prairie, Illinois
Property taxes in Burnt Prairie, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burnt Prairie is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Burnt Prairie set these rates annually, and they can vary considerably across different neighborhoods. Each year, Burnt Prairie 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 foundation of setting property tax rates. The data below compares Burnt Prairie's effective property tax rate to other counties within Illinois and the national median. For comparison, the zip code 62820 has the highest median property tax rate of 2.15%, while the same zip code also records the lowest median tax rate of 2.15%. Understanding how these cities compare with Burnt Prairie provides valuable insights into the varying tax landscape across White County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burnt Prairie Tax Rate
2.15%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burnt Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62820 | 0.47% | 1.51% | 2.15% | 2.32% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Burnt Prairie, Illinois
In Burnt Prairie, 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 White 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 Burnt Prairie, 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 Burnt Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62820 has the highest and lowest median tax bill, both at $510.
Average Burnt Prairie Assessed Value
$40,377
Average White County Assessed Value
$52,311
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burnt Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62820 | $6,141 | $15,039 | $40,377 | $62,768 | $125,853 |
Source: Ownwell
Property Tax Bills Across Burnt Prairie, Illinois
In Burnt Prairie, located in White County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value determined by local assessors. Homeowners in Burnt Prairie face varying property tax bills, with the 25th percentile at $164 and the 75th percentile reaching $1,089. The highest median tax bill in the area is $510, consistent across the 62820 zip code. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. These elements contribute to the overall assessed value, which is then multiplied by the local tax rate to determine the final bill. Compared to the national median property tax rate of 0.99%, Burnt Prairie's rates can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Burnt Prairie Tax Bill
$510
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Burnt Prairie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62820 | $95 | $164 | $510 | $1,089 | $2,332 |
Source: Ownwell