Bridgeport, Illinois Property Taxes
The median property tax rate in Bridgeport, IL is 2.06%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bridgeport, the typical annual property tax bill reaches $472, which is significantly lower than the national median of $2,690. Property taxes in Bridgeport 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 Bridgeport'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 Bridgeport 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
Bridgeport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.06%
Estimate Property Tax Bill
$325
$302
Ownwell’s Bridgeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgeport 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 Bridgeport, Illinois
Property taxes in Bridgeport, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgeport is 2.06%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bridgeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgeport 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 Bridgeport's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62417 zip code has the highest median property tax rate of 2.06%, while the same zip code also has the lowest median tax rate of 2.06%. Understanding how these cities compare with Bridgeport provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgeport Tax Rate
2.06%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62417 | 1.48% | 1.93% | 2.06% | 4.83% | 6.58% |
Source: Ownwell
Property Tax Assessment Values Across Bridgeport, Illinois
In Bridgeport, 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 Lawrence 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 Bridgeport, 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 Bridgeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $472 in zip code 62417, while the lowest median tax bill is also $472 in the same zip code.
Average Bridgeport Assessed Value
$15,791
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62417 | $3,472 | $5,854 | $15,791 | $40,120 | $68,814 |
Source: Ownwell
Property Tax Bills Across Bridgeport, Illinois
In Bridgeport, property tax bills are calculated based on the assessed value of a home, which is determined by the Lawrence County Assessor's Office. The assessed value is a percentage of the property's market value, and local tax rates are applied to this assessed value to calculate the tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Bridgeport can expect varying tax bills. For instance, the 25th percentile tax bill is around $154, while the 75th percentile tax bill reaches $1,359. At the higher end, the 90th percentile tax bill can go up to $2,353. The median home price in the area is $15,791, significantly lower than the national median, which can result in relatively lower tax bills compared to other regions. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Bridgeport residents. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average Bridgeport Tax Bill
$472
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62417 | $79 | $154 | $472 | $1,359 | $2,353 |
Source: Ownwell