Bethalto, Illinois Property Taxes
The median property tax rate in Bethalto, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bethalto, the typical annual property tax bill reaches $2,899, exceeding the national median of $2,690. Property taxes in Bethalto 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 Bethalto'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 Bethalto 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
Bethalto, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$3,053
$2,983
Ownwell’s Bethalto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bethalto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bethalto 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 Bethalto, Illinois
Property taxes in Bethalto, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bethalto is 2.19%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bethalto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bethalto 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 Bethalto's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62010 zip code has both the highest and lowest median property tax rate of 2.19%. Understanding how these figures compare with Bethalto provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bethalto Tax Rate
2.19%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bethalto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62010 | 1.52% | 1.96% | 2.19% | 2.35% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Bethalto, Illinois
In Bethalto, 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 Madison 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 Bethalto, 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. The median home price in Bethalto is $139,400, with tax bills ranging significantly based on property values. For instance, the 25th percentile tax bill is $1,927, while the 75th percentile tax bill is $4,641, and the 90th percentile tax bill reaches $6,512. Notably, the highest and lowest median tax bills, both at $2,899, are found in the 62010 zip code. 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 Bethalto helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bethalto Assessed Value
$139,400
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bethalto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62010 | $71,321 | $100,848 | $139,400 | $208,018 | $283,454 |
Source: Ownwell
Property Tax Bills Across Bethalto, Illinois
In Bethalto, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the home's market value, which is determined by local assessors. For example, if the median home price in Bethalto is $139,400, the assessed value would be a fraction of this amount, depending on the local assessment ratio. The local tax rate is then applied to this assessed value to determine the annual property tax bill. In Bethalto, the tax bills can vary significantly. Homeowners at the 25th percentile pay around $1,927 annually, while those at the 75th percentile face bills of about $4,641. At the 90th percentile, tax bills can reach up to $6,512. The highest and lowest median tax bills in Bethalto are both $2,899, indicating a consistent median rate within the zip code 62010. These tax bills can significantly impact homeowners, influencing monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Bethalto's rates reflect the local economic conditions and funding requirements for public services.
Average Bethalto Tax Bill
$2,899
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bethalto, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62010 | $1,251 | $1,927 | $2,899 | $4,641 | $6,512 |
Source: Ownwell