East Brooklyn, Illinois Property Taxes
The median property tax rate in East Brooklyn, IL is 2.83%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in East Brooklyn being $23,942, the typical annual property tax bill reaches $678, surpassing the national median of $2,690. Property taxes in East Brooklyn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding East Brooklyn'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 East Brooklyn 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
East Brooklyn, 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 East Brooklyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Brooklyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Brooklyn 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 East Brooklyn, Illinois
Property taxes in East Brooklyn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Brooklyn is 2.83%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within East Brooklyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Brooklyn 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 East Brooklyn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60474 zip code has the highest median property tax rate of 2.83%, while the same zip code also has the lowest median tax rate of 2.83%. Understanding how these cities compare with East Brooklyn provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Brooklyn Tax Rate
2.83%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Brooklyn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | 2.79% | 2.83% | 2.83% | 2.97% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across East Brooklyn, Illinois
In East Brooklyn, 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 Grundy 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 East Brooklyn, 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 East Brooklyn 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 $678 in zip code 60474, which is also the lowest median tax bill, reflecting a unique consistency in property tax burdens across the region.
Average East Brooklyn Assessed Value
$23,942
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Brooklyn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $13,690 | $15,747 | $23,942 | $77,614 | $175,852 |
Source: Ownwell
Property Tax Bills Across East Brooklyn, Illinois
In East Brooklyn, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in East Brooklyn can expect to see varying tax bills depending on several factors, including the assessed value of their property and the local tax rate set by Grundy County. For a median home price of $23,942, property tax bills can range significantly. At the 25th percentile, homeowners might pay around $446, while those at the 75th percentile could see bills as high as $2,478. The top 10% of property tax bills reach up to $6,240. These figures illustrate the wide range of tax burdens that homeowners might face, influenced by the value of their property and specific local tax rates. Compared to the national median property tax rate of 0.99%, East Brooklyn's property taxes can present a substantial financial consideration for homeowners, impacting their overall cost of living and financial planning.
Average East Brooklyn Tax Bill
$678
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across East Brooklyn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $388 | $446 | $678 | $2,478 | $6,240 |
Source: Ownwell