Bingham, Illinois Property Taxes
The median property tax rate in Bingham, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bingham, the typical annual property tax bill reaches $847, which is significantly below the national median of $2,690. Property taxes in Bingham are calculated based on the tax assessed value, often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Bingham'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 Bingham 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
Bingham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$1,108
$1,028
Ownwell’s Bingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bingham 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 Bingham, Illinois
Property taxes in Bingham, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham 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 Bingham's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62011 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Bingham provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bingham Tax Rate
2.15%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62011 | 1.43% | 1.89% | 2.15% | 2.20% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Bingham, Illinois
In Bingham, 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 Fayette 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 Bingham, 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. 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 Bingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62011 has the highest median tax bill at $847, while the lowest is also $847, reflecting a uniformity in property tax assessments within the area.
Average Bingham Assessed Value
$51,516
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62011 | $16,170 | $27,339 | $51,516 | $103,404 | $152,130 |
Source: Ownwell
Property Tax Bills Across Bingham, Illinois
In Bingham, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Bingham is $51,516. Tax rates in this area are applied to the assessed value, not the full market value. Homeowners can expect their property tax bills to vary widely depending on their property's assessed value and the specific tax rate applied by local authorities. Factors considered in determining the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Bingham is $480, while the 75th percentile tax bill rises to $1,923. At the 90th percentile, the tax bill can reach up to $3,099. These variations significantly impact homeowners, influencing their annual financial planning and the overall affordability of their homes. Compared to the national median property tax rate of 0.99%, Bingham's tax rates can offer both challenges and opportunities for residents.
Average Bingham Tax Bill
$847
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62011 | $306 | $480 | $847 | $1,923 | $3,099 |
Source: Ownwell