Bethany, Illinois Property Taxes
The median property tax rate in Bethany, IL is 2.30%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bethany, the typical annual property tax bill reaches $5,170, surpassing the national median of $2,690. Property taxes in Bethany 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 Bethany'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 Bethany 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
Bethany, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$5,169
$4,797
Ownwell’s Bethany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethany 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 Bethany, Illinois
Property taxes in Bethany, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethany is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bethany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethany 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 Bethany's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61914 has the highest median property tax rate of 2.30%, while the same zip code also represents the lowest median tax rate of 2.30%. Understanding how these areas compare with Bethany provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethany Tax Rate
2.30%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61914 | 2.25% | 2.27% | 2.30% | 2.33% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Bethany, Illinois
In Bethany, 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 Macon County Assessor's Office 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 Bethany, 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 Bethany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61914, with a median tax bill of $5,170.
Average Bethany Assessed Value
$224,757
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61914 | $216,597 | $219,657 | $224,757 | $229,857 | $232,917 |
Source: Ownwell
Property Tax Bills Across Bethany, Illinois
In Bethany, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and condition. Homeowners in Bethany, located in Macon County, face varying tax bills depending on these assessments. For example, the median home price in Bethany is $224,757. The property tax rate in Bethany is slightly higher than the national median property tax rate of 0.99%. Consequently, homeowners in this area can expect tax bills to range significantly. The 25th percentile tax bill is around $4,988, while the 75th percentile tax bill reaches approximately $5,353. At the 90th percentile, homeowners could see tax bills as high as $5,462. These property taxes play a crucial role in funding local services and infrastructure, directly impacting the quality of life for Bethany residents. Understanding these factors helps homeowners budget effectively and anticipate their annual financial obligations.
Average Bethany Tax Bill
$5,170
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61914 | $4,879 | $4,988 | $5,170 | $5,353 | $5,462 |
Source: Ownwell