Brocton, Illinois Property Taxes
The median property tax rate in Brocton, IL is 1.95%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Brocton, the typical annual property tax bill reaches $3,204, exceeding the national median of $2,690. Property taxes in Brocton 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 Brocton'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 Brocton 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
Brocton, 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 Brocton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brocton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brocton to estimate your property tax bill. This intuitive tool helps you understand potential tax liabilities. For those interested in more granular insights, trends at the neighborhood level are also available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Brocton, Illinois
Property taxes in Brocton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brocton is 1.95%, significantly higher than the U.S. national median of 0.99%. Local government entities within Brocton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brocton 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 Brocton's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61917 has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these areas compare with Brocton provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brocton Tax Rate
1.95%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brocton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61917 | 1.75% | 1.88% | 1.95% | 1.96% | 3.48% |
Source: Ownwell
Property Tax Assessment Values Across Brocton, Illinois
In Brocton, 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 Douglas 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 Brocton, 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 in Brocton is $103,694, with tax bills ranging from $1,596 at the 25th percentile to $4,957 at the 75th percentile. 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 Brocton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brocton Assessed Value
$103,694
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brocton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61917 | $75,754 | $81,741 | $103,694 | $197,540 | $249,748 |
Source: Ownwell
Property Tax Bills Across Brocton, Illinois
In Brocton, IL, property tax bills are determined through a combination of factors, including the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is then multiplied by the tax rate set by local taxing authorities. For instance, homeowners in Brocton, located in Douglas County, face a median property tax bill of $3,204, which is notably higher than the national median property tax rate of 0.99%. The tax bill can vary significantly depending on the value of the property. For example, those in the 25th percentile of tax bills pay around $1,596, while those in the 75th percentile face bills of approximately $4,957. At the 90th percentile, the tax bill can reach up to $5,780. These taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life in Brocton. Homeowners need to account for these costs as part of their annual financial planning.
Average Brocton Tax Bill
$3,204
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Brocton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61917 | $1,377 | $1,596 | $3,204 | $4,957 | $5,780 |
Source: Ownwell