Belvidere, Illinois Property Taxes
The median property tax rate in Belvidere, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Belvidere at $148,732, the typical annual property tax bill reaches $3,949, exceeding the national median of $2,690. Property taxes in Belvidere 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 Belvidere'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 Belvidere 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
Belvidere, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$4,046
$3,953
Ownwell’s Belvidere Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belvidere with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belvidere 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 Belvidere, Illinois
Property taxes in Belvidere, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Belvidere is 2.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Belvidere set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belvidere 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 Belvidere's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61008 zip code in Boone County has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Belvidere provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belvidere Tax Rate
2.72%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belvidere, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61008 | 2.20% | 2.52% | 2.72% | 2.98% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Belvidere, Illinois
In Belvidere, 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 Boone 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 Belvidere, 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. For instance, the median home price in Belvidere is $148,732, with tax bills ranging from $2,516 at the 25th percentile to $8,082 at the 90th percentile. The highest and lowest median tax bills are both $3,949 in the 61008 zip code. 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 Belvidere helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belvidere Assessed Value
$148,732
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belvidere, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61008 | $20,643 | $98,269 | $148,732 | $220,585 | $302,096 |
Source: Ownwell
Property Tax Bills Across Belvidere, Illinois
In Belvidere, located in Boone County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $148,732, the assessed value is determined by local assessment practices. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions. Homeowners in Belvidere can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $2,516, while the 75th percentile reaches up to $6,123. At the 90th percentile, homeowners might see tax bills as high as $8,082. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Belvidere to understand how local rates and assessed values impact their tax obligations. This understanding helps homeowners manage their finances and plan for annual property tax expenses.
Average Belvidere Tax Bill
$3,949
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Belvidere, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61008 | $646 | $2,516 | $3,949 | $6,123 | $8,082 |
Source: Ownwell