Brighton, Illinois Property Taxes
The median property tax rate in Brighton, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Brighton, the typical annual property tax bill reaches $4,469, exceeding the national median of $2,690. Property taxes in Brighton 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 Brighton'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 Brighton 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
Brighton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$4,594
$4,263
Ownwell’s Brighton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Brighton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brighton to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Brighton, Illinois
Property taxes in Brighton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brighton is 2.18%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Brighton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brighton 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 Brighton's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62012 zip code has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with Brighton 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 Brighton Tax Rate
2.18%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brighton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62012 | 1.85% | 2.08% | 2.18% | 2.25% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Brighton, Illinois
In Brighton, 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 Brighton, 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. For instance, the highest median tax bill in Brighton is $4,469 in zip code 62012, while the lowest median tax bill is also $4,469 in the same 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 Brighton Assessed Value
$210,721
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 Brighton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62012 | $116,853 | $172,688 | $210,721 | $260,105 | $305,135 |
Source: Ownwell
Property Tax Bills Across Brighton, Illinois
In Brighton, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Brighton is $210,721. Homeowners in this area can expect to pay property taxes that fall within a range, depending on various factors such as the assessed value and applicable tax rates. For instance, the 25th percentile tax bill in Brighton is around $3,633, while the 75th percentile tax bill is approximately $5,536. The highest tax bills, at the 90th percentile, can reach up to $6,716. These figures indicate that property tax rates in Brighton are relatively high compared to the national median property tax rate of 0.99%. This can significantly impact homeowners, as higher property taxes can increase the overall cost of homeownership. Understanding these factors can help homeowners in Brighton plan their finances more effectively and anticipate their annual property tax obligations.
Average Brighton Tax Bill
$4,469
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Brighton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62012 | $2,259 | $3,633 | $4,469 | $5,536 | $6,716 |
Source: Ownwell