Benld, Illinois Property Taxes
The median property tax rate in Benld, IL is 1.66%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Benld at $53,132, the typical annual property tax bill reaches $834, which is significantly below the national median of $2,690. Property taxes in Benld 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 Benld'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 Benld 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
Benld, 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 Benld Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benld with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benld 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 Benld, Illinois
Property taxes in Benld, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benld is 1.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Benld set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benld 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 Benld's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62009 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Benld provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benld Tax Rate
1.66%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benld, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62009 | 0.80% | 1.32% | 1.66% | 2.36% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Benld, Illinois
In Benld, 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 Macoupin 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 Benld, 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. Benld's median home price is $53,132, with tax bills ranging from $513 at the 25th percentile to $1,900 at the 90th percentile. The highest and lowest median tax bills are both $834, found in the 62009 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benld Assessed Value
$53,132
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benld, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62009 | $22,836 | $38,434 | $53,132 | $74,368 | $106,744 |
Source: Ownwell
Property Tax Bills Across Benld, Illinois
In Benld, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the home's market value. For homeowners in Benld, the median home price is $53,132. The property tax rate in Macoupin County, where Benld is located, is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Benld, the 25th percentile tax bill is $513, while the 75th percentile reaches $1,277, and the 90th percentile can be as high as $1,900. These figures highlight the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Benld residents may find their property tax bills to be relatively manageable. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Benld Tax Bill
$834
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Benld, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62009 | $248 | $513 | $834 | $1,277 | $1,900 |
Source: Ownwell