Bradley, Illinois Property Taxes
The median property tax rate in Bradley, IL is 3.16%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bradley at $109,077, the typical annual property tax bill reaches $3,293, surpassing the national median of $2,690. Property taxes in Bradley 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 Bradley'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 Bradley 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
Bradley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.16%
Estimate Property Tax Bill
$3,447
$3,199
Ownwell’s Bradley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bradley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bradley 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 Bradley, Illinois
Property taxes in Bradley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bradley is 3.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bradley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bradley 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 Bradley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60915 zip code has both the highest and lowest median property tax rate of 3.16%. Understanding how these cities compare with Bradley provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bradley Tax Rate
3.16%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bradley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60915 | 2.86% | 3.16% | 3.16% | 3.16% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Bradley, Illinois
In Bradley, 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 Kankakee 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 Bradley, 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. With a median home price of $109,077, Bradley homeowners can expect property tax bills ranging from $2,711 at the 25th percentile to $4,750 at the 90th percentile. The zip code 60915 has the highest and lowest median tax bill at $3,293. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Bradley Assessed Value
$109,077
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bradley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60915 | $77,300 | $90,620 | $109,077 | $138,095 | $156,444 |
Source: Ownwell
Property Tax Bills Across Bradley, Illinois
In Bradley, located in Kankakee County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The median home price in Bradley is $109,077, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements or renovations made. Homeowners in Bradley can expect their tax bills to vary significantly, with the 25th percentile tax bill at $2,711 and the 75th percentile reaching $4,067. The 90th percentile tax bill can go as high as $4,750. Compared to the national median property tax rate of 0.99%, Bradley's property taxes can be relatively high, impacting homeowners by increasing their annual financial obligations. This variability in tax bills reflects the diverse property values and the specific assessments carried out by the local authorities.
Average Bradley Tax Bill
$3,293
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bradley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60915 | $2,262 | $2,711 | $3,293 | $4,067 | $4,750 |
Source: Ownwell