Belle Rive, Illinois Property Taxes
The median property tax rate in Belle Rive, IL is 1.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Belle Rive, the typical annual property tax bill reaches $1,629, falling below the national median of $2,690. Property taxes in Belle Rive 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 Belle Rive'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 Belle Rive or another part of Hamilton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belle Rive, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,873
$1,738
Ownwell’s Belle Rive Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belle Rive with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belle Rive 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 Belle Rive, Illinois
Property taxes in Belle Rive, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belle Rive is 1.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Belle Rive set these rates annually, and they can vary across different neighborhoods. Each year, Belle Rive 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 Belle Rive's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62810 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these areas compare with Belle Rive provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belle Rive Tax Rate
1.55%
Average Hamilton County Tax Rate
1.77%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belle Rive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62810 | 1.25% | 1.45% | 1.55% | 1.68% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Belle Rive, Illinois
In BELLE RIVE, 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 Hamilton 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. 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 BELLE RIVE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62810, with a tax bill of $1,629. The same zip code also has the lowest median tax bill, highlighting the uniformity in property tax assessments within the area.
Average Belle Rive Assessed Value
$120,816
Average Hamilton County Assessed Value
$61,740
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belle Rive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62810 | $32,500 | $82,186 | $120,816 | $147,778 | $172,970 |
Source: Ownwell
Property Tax Bills Across Belle Rive, Illinois
In Belle Rive, Hamilton County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. This rate can vary based on the needs of the local government and school districts. For homeowners in Belle Rive, the median home price is $120,816. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,106 and the 75th percentile at $2,294. The highest tax bills in the area can reach up to $2,602. These taxes contribute to essential public services such as education, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Belle Rive's property tax rates can have a notable impact on homeowners, influencing their overall housing costs and potentially affecting property values in the area.
Average Belle Rive Tax Bill
$1,629
Average Hamilton County Tax Bill
$1,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Belle Rive, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62810 | $637 | $1,106 | $1,629 | $2,294 | $2,602 |
Source: Ownwell