Brownstown, Illinois Property Taxes
The median property tax rate in Brownstown, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Brownstown, the typical annual property tax bill reaches $1,358, exceeding the national median of $2,690. Property taxes in Brownstown 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 Brownstown'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 Brownstown or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brownstown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$1,620
$1,504
Ownwell’s Brownstown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Brownstown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Brownstown to provide an accurate property tax bill estimate. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Brownstown, Illinois
Property taxes in Brownstown, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brownstown is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Brownstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brownstown 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 Brownstown's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62418 has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Brownstown 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 Brownstown Tax Rate
2.21%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brownstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62418 | 1.31% | 1.87% | 2.21% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Brownstown, Illinois
In Brownstown, 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 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 Brownstown, 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 Brownstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1358 in the 62418 zip code, providing a benchmark for homeowners to evaluate their own tax obligations.
Average Brownstown Assessed Value
$73,318
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 Brownstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62418 | $14,076 | $32,027 | $73,318 | $124,301 | $174,499 |
Source: Ownwell
Property Tax Bills Across Brownstown, Illinois
In Brownstown, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. Various factors, including property size, location, and home improvements, influence this assessed value. Once the assessed value is established, local tax rates are applied to calculate the annual property tax bill. These rates can vary, but they are influenced by the needs of local services such as schools, public safety, and infrastructure. For example, in Brownstown, the tax bill at the 25th percentile is around $592, while at the 75th percentile, it reaches $2,366. The highest median tax bill in the area is $1,358. For homeowners, understanding these factors is crucial as they directly impact the amount owed annually. A higher assessed value or increased local tax rates can lead to a significant rise in property taxes, affecting household budgets and long-term financial planning.
Average Brownstown Tax Bill
$1,358
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Brownstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62418 | $276 | $592 | $1,358 | $2,366 | $3,510 |
Source: Ownwell