Breese, Illinois Property Taxes
The median property tax rate in Breese, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Breese, the typical annual property tax bill reaches $3,606, exceeding the national median of $2,690. Property taxes in Breese 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 Breese'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 Breese 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
Breese, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$3,718
$3,450
Ownwell’s Breese Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Breese with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Breese 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 Breese, Illinois
Property taxes in Breese, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Breese is 2.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Breese set these rates annually, which can vary substantially across different neighborhoods. Each year, Breese 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 Breese's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62230 has the highest median property tax rate of 2.12%, while the lowest median tax rate is also 2.12%. Understanding how these cities compare with Breese provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Breese Tax Rate
2.12%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Breese, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62230 | 1.65% | 1.93% | 2.12% | 2.25% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Breese, Illinois
In Breese, 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 Clinton 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 Breese, 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 Breese stands at $175,365, with the 25th percentile tax bill at $2,490 and the 75th percentile at $4,963. 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 Breese helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Breese Assessed Value
$175,365
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Breese, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62230 | $85,992 | $128,910 | $175,365 | $232,808 | $297,477 |
Source: Ownwell
Property Tax Bills Across Breese, Illinois
In Breese, located in Clinton County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home’s location, size, and condition. For homeowners in Breese, the median home price is $175,365, leading to varying tax bills across different percentiles. The 25th percentile tax bill stands at $2,490, while the 75th percentile reaches $4,963, and the 90th percentile can go as high as $6,448. These figures highlight the significant impact property taxes can have on household budgets. With the national median property tax rate at 0.99%, the figures in Breese reflect a local rate that can be either higher or lower depending on specific assessments and local levies. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Breese Tax Bill
$3,606
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Breese, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62230 | $1,560 | $2,490 | $3,606 | $4,963 | $6,448 |
Source: Ownwell