Bonfield, Illinois Property Taxes
The median property tax rate in Bonfield, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bonfield at $190,593, the typical annual property tax bill reaches $5,260, exceeding the national median of $2,690. Property taxes in Bonfield 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 Bonfield'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 Bonfield 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
Bonfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$5,108
$4,991
Ownwell’s Bonfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonfield 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 Bonfield, Illinois
Property taxes in Bonfield, Illinois, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonfield is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bonfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonfield 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 Bonfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60913 zip code has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Bonfield provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonfield Tax Rate
2.68%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60913 | 2.18% | 2.48% | 2.68% | 3.06% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across Bonfield, Illinois
In Bonfield, 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 Kankakee 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 Bonfield, 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 Bonfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60913 has the highest and lowest median tax bill, both at $5,260.
Average Bonfield Assessed Value
$190,593
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60913 | $36,509 | $107,214 | $190,593 | $264,080 | $314,581 |
Source: Ownwell
Property Tax Bills Across Bonfield, Illinois
In Bonfield, located in Kankakee County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property's market value and then apply an assessment ratio. For instance, if the median home price in Bonfield is $190,593, the assessed value would be a percentage of this figure. The tax rate is then applied to the assessed value to determine the annual tax bill. This tax rate can vary but is influenced by local government budgets and school district funding needs. Homeowners in Bonfield can expect property tax bills to range significantly. For example, the 25th percentile tax bill is around $3,006, while the 75th percentile tax bill can soar to $7,130, and the 90th percentile reaches $8,449. These tax bills are crucial for funding essential community services but can also be a significant financial burden for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations.
Average Bonfield Tax Bill
$5,260
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60913 | $1,643 | $3,006 | $5,260 | $7,130 | $8,449 |
Source: Ownwell