Bellflower, Illinois Property Taxes
The median property tax rate in Bellflower, Illinois is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bellflower, the typical annual property tax bill reaches $1,649, which is below the national median of $2,690. Property taxes in Bellflower 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 Bellflower'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 Bellflower 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
Bellflower, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$1,766
$1,726
Ownwell’s Bellflower Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Bellflower with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bellflower to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed insights, scroll down to explore neighborhood-level trends. Your property’s assessed value is determined by McLean County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bellflower, Illinois
Property taxes in Bellflower, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bellflower is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bellflower set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bellflower 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 Bellflower's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61724 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Bellflower provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bellflower Tax Rate
2.26%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bellflower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61724 | 1.42% | 1.92% | 2.26% | 2.58% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Bellflower, Illinois
In Bellflower, 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 McLean 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 Bellflower, 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 Bellflower helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61724, with a median tax bill of $1,649, which is higher than the national median property tax rate of 0.99%.
Average Bellflower Assessed Value
$78,150
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bellflower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61724 | $24,731 | $53,949 | $78,150 | $96,684 | $135,562 |
Source: Ownwell
Property Tax Bills Across Bellflower, Illinois
In Bellflower, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners in Bellflower, the median home price stands at $78,150. The tax rate applied to this assessed value determines the final tax bill. Various factors influence this calculation, including local tax rates and specific levies imposed by the county and city. Homeowners in Bellflower can expect property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $969, while at the 75th percentile, it rises to $2,310. At the 90th percentile, homeowners might pay up to $3,104. These figures highlight the range of property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Bellflower's rates reflect the unique economic conditions and funding requirements of the area. Understanding these factors can help homeowners better anticipate their annual tax responsibilities and manage their financial planning accordingly.
Average Bellflower Tax Bill
$1,649
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bellflower, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61724 | $335 | $969 | $1,649 | $2,310 | $3,104 |
Source: Ownwell