Bunker Hill, Illinois Property Taxes
The median property tax rate in Bunker Hill, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bunker Hill at $105,318, the typical annual property tax bill reaches $2,050, which is below the national median of $2,690. Property taxes in Bunker Hill 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 Bunker Hill'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 Bunker Hill 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
Bunker Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$2,096
$2,048
Ownwell’s Bunker Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bunker Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bunker Hill 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 Bunker Hill, Illinois
Property taxes in Bunker Hill, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunker Hill is 1.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bunker Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bunker Hill 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 Bunker Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62014 has the highest median property tax rate of 1.99%, while the same zip code also has the lowest median tax rate of 1.99%. Understanding how these cities compare with Bunker Hill 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 Bunker Hill Tax Rate
1.99%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bunker Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62014 | 1.28% | 1.72% | 1.99% | 2.22% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Bunker Hill, Illinois
In Bunker Hill, 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 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 Bunker Hill, 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. For example, the median home price in Bunker Hill is $105,318, with tax bills ranging from $1,265 at the 25th percentile to $3,975 at the 90th percentile. The highest and lowest median tax bills are both $2,050 in the 62014 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bunker Hill Assessed Value
$105,318
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 Bunker Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62014 | $44,950 | $74,157 | $105,318 | $144,618 | $202,438 |
Source: Ownwell
Property Tax Bills Across Bunker Hill, Illinois
In Bunker Hill, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. For instance, with a median home price of $105,318, homeowners can expect their property tax to reflect a portion of this value. Several factors influence the final tax bill, including local tax rates and any applicable exemptions. For example, the 25th percentile tax bill is $1,265, while the 75th percentile reaches $2,952, and the 90th percentile goes up to $3,975. These figures illustrate the range of what homeowners might expect to pay, depending on their property's assessed value and any qualifying deductions. Compared to the national median property tax rate of 0.99%, homeowners in Bunker Hill may experience varying tax burdens. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and plan accordingly.
Average Bunker Hill Tax Bill
$2,050
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bunker Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62014 | $654 | $1,265 | $2,050 | $2,952 | $3,975 |
Source: Ownwell