Broadlands, Illinois Property Taxes
The median property tax rate in Broadlands, IL, is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Broadlands, the typical annual property tax bill reaches $2,053, which is below the national median of $2,690. Property taxes in Broadlands are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Broadlands' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Broadlands 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
Broadlands, 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 Broadlands Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Broadlands with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Broadlands 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 Broadlands, Illinois
Property taxes in Broadlands, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Broadlands is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Broadlands set these rates annually, and they can vary significantly across different neighborhoods. Each year, Broadlands 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 Broadlands' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61816 zip code has the highest median property tax rate of 2.09%, while the same zip code has the lowest median tax rate of 2.09%. Understanding how these cities compare with Broadlands 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 Broadlands Tax Rate
2.09%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Broadlands, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61816 | 1.47% | 1.86% | 2.09% | 2.40% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Broadlands, Illinois
In Broadlands, 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 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 Broadlands, 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 example, the median home price in Broadlands is $100,770, with tax bills ranging from $1,308 at the 25th percentile to $5,373 at the 90th percentile. The zip code 61816 has the highest and lowest median tax bill at $2,053. 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 Broadlands helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Broadlands Assessed Value
$100,770
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 Broadlands, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61816 | $51,306 | $74,130 | $100,770 | $155,010 | $231,708 |
Source: Ownwell
Property Tax Bills Across Broadlands, Illinois
In Broadlands, Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. Homeowners in Broadlands see a range of tax bills, with the 25th percentile paying around $1,308 annually and the 75th percentile facing tax bills up to $3,301. The highest tax bills, in the 90th percentile, can reach as much as $5,373. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Broadlands is $100,770, and with a national median property tax rate of 0.99%, the local rates can significantly affect the overall tax burden. For homeowners, understanding these elements is crucial as they directly impact their annual expenses and overall financial planning.
Average Broadlands Tax Bill
$2,053
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Broadlands, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61816 | $719 | $1,308 | $2,053 | $3,301 | $5,373 |
Source: Ownwell