Bonnie, Illinois Property Taxes
The median property tax rate in Bonnie, IL is 1.85%, significantly higher than the national median of 0.99%, but lower than the Illinois state median of 2.35%. With the median home value in Bonnie, the typical annual property tax bill reaches $630, which is well below the national median of $2,690. Property taxes in Bonnie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bonnie'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 Bonnie 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
Bonnie, 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 Bonnie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonnie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonnie 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 Bonnie, Illinois
Property taxes in Bonnie, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonnie is 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bonnie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonnie 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 Bonnie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62816 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Bonnie provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonnie Tax Rate
1.85%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonnie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62816 | 0.35% | 1.18% | 1.85% | 2.02% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Bonnie, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bonnie, Illinois. 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 Jefferson 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 Bonnie, 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. The median home price in Bonnie is $43,035, with tax bills ranging from $195 at the 25th percentile to $2,257 at the 90th percentile. The zip code with the highest and lowest median tax bill is 62816, both at $630. 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 Bonnie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bonnie Assessed Value
$43,035
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonnie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62816 | $6,277 | $18,437 | $43,035 | $80,531 | $114,161 |
Source: Ownwell
Property Tax Bills Across Bonnie, Illinois
In Bonnie, Jefferson 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. For example, with a median home price of $43,035, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. The tax bill for the 25th percentile is around $195, while the 75th percentile sees bills closer to $1,331. At the 90th percentile, homeowners might face a tax bill of approximately $2,257. These amounts reflect the range of property taxes that residents might encounter, influenced by factors such as property size, location, and local government budgets. Compared to the national median property tax rate of 0.99%, Bonnie's tax bills can significantly affect homeowners, especially those at the higher end of the spectrum. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Bonnie Tax Bill
$630
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonnie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62816 | $51 | $195 | $630 | $1,331 | $2,257 |
Source: Ownwell