Burnside, Illinois Property Taxes
The median property tax rate in Burnside, IL is 2.70%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Burnside, the typical annual property tax bill reaches $1,171, exceeding the national median of $2,690. Property taxes in Burnside 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 Burnside'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 Burnside 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
Burnside, 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 Burnside Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Burnside using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burnside to estimate your property tax bill. This valuable 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 Hancock County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Burnside, Illinois
Property taxes in Burnside, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burnside is 2.70%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Burnside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burnside 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 Burnside's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62330 has the highest median property tax rate of 2.70%, while the same zip code also has the lowest median tax rate of 2.70%. Understanding how these cities compare with Burnside provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burnside Tax Rate
2.70%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Burnside, Illinois
In Burnside, 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 Hancock 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 Burnside, 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 Burnside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Burnside is $43,434, with the highest and lowest median tax bills both being $1,171 in the 62330 zip code.
Average Burnside Assessed Value
$43,434
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | $43,434 | $43,434 | $43,434 | $43,434 | $43,434 |
Source: Ownwell
Property Tax Bills Across Burnside, Illinois
In Burnside, located in Hancock County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For homeowners in Burnside, the median home price stands at $43,434. The property tax rate in this area significantly influences the annual tax bill. The tax bill is determined by multiplying the assessed value by the local tax rate. In Burnside, the median property tax bill is $1,171, which is notably higher than the national median property tax rate of 0.99%. This consistent tax bill amount across various percentiles, such as the 25th, 75th, and 90th, suggests a uniform tax rate application within the region. For homeowners, this means that despite the relatively low property values, the tax rate can result in a substantial annual tax bill. This could impact budgeting and financial planning, especially when compared to national averages. Understanding how these factors interplay is crucial for homeowners in managing their expenses effectively.
Average Burnside Tax Bill
$1,171
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Burnside, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62330 | $1,171 | $1,171 | $1,171 | $1,171 | $1,171 |
Source: Ownwell