Barnhill, Illinois Property Taxes
The median property tax rate in Barnhill, IL is 1.63%, which is 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 Barnhill at $70,053, the typical annual property tax bill reaches $1,141, which is below the national median of $2,690. Property taxes in Barnhill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Barnhill'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 Barnhill or another part of White County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barnhill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$1,142
$1,116
Ownwell’s Barnhill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnhill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnhill 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 Barnhill, Illinois
Property taxes in Barnhill, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnhill is 1.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barnhill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnhill 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 Barnhill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62809 zip code has the highest median property tax rate of 1.63%, while the 62809 zip code also has the lowest median tax rate of 1.63%. Understanding how these cities compare with Barnhill 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 Barnhill Tax Rate
1.63%
Average White County Tax Rate
1.88%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | 1.63% | 1.63% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Barnhill, Illinois
In Barnhill, 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 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 Barnhill, 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 Barnhill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,141, found in the 62809 zip code.
Average Barnhill Assessed Value
$70,053
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 Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | $70,053 | $70,053 | $70,053 | $70,053 | $70,053 |
Source: Ownwell
Property Tax Bills Across Barnhill, Illinois
In Barnhill, located in White County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the final tax bill. For homeowners in Barnhill, the median home price is $70,053, and the property tax rate is reflective of the county's needs and budget requirements. The tax bill for most residents falls around $1,141, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual expenses, making it crucial for them to understand how their property's assessed value and the local tax rate contribute to their overall tax obligation. Homeowners should stay informed about any changes in assessment practices or tax rates to better anticipate fluctuations in their property tax bills.
Average Barnhill Tax Bill
$1,141
Average White County Tax Bill
$910
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | $1,141 | $1,141 | $1,141 | $1,141 | $1,141 |
Source: Ownwell