Bondville, Illinois Property Taxes
The median property tax rate in Bondville, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bondville at $119,310, the typical annual property tax bill reaches $2,451, slightly below the national median of $2,690. Property taxes in Bondville 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 Bondville'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 Bondville 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
Bondville, 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 Bondville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bondville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bondville 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 Bondville, Illinois
Property taxes in Bondville, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bondville is 2.18%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Bondville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bondville 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 Bondville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61815 has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with Bondville provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bondville Tax Rate
2.18%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bondville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61815 | 1.30% | 2.00% | 2.18% | 2.36% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Bondville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bondville, 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 Champaign 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 Bondville, 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 stands at $119,310, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $1,900, while the 75th percentile tax bill reaches $3,253. Notably, the highest and lowest median tax bills are both $2,451 in the 61815 zip code. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Bondville Assessed Value
$119,310
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bondville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61815 | $79,116 | $93,960 | $119,310 | $145,230 | $169,392 |
Source: Ownwell
Property Tax Bills Across Bondville, Illinois
In Bondville, property tax bills are calculated based on the assessed value of a home, which is determined by the Champaign County Assessor's Office. The assessed value is a percentage of the property's market value. Homeowners in Bondville can expect their tax bills to vary significantly, with the 25th percentile tax bill around $1,900 and the 75th percentile reaching up to $3,253. For those in the 90th percentile, tax bills can climb to $3,879. Several factors influence these tax bills, including the property's location, size, and condition, as well as the local tax rate set by Champaign County. The highest median tax bill in the area is $2,451, which is notably higher than the national median property tax rate of 0.99%. This can significantly impact homeowners, as higher property taxes may affect affordability and long-term financial planning. Understanding these elements can help homeowners better anticipate and manage their annual property tax obligations.
Average Bondville Tax Bill
$2,451
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bondville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61815 | $888 | $1,900 | $2,451 | $3,253 | $3,879 |
Source: Ownwell