Belknap, Illinois Property Taxes
The median property tax rate in Belknap, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Belknap, the typical annual property tax bill reaches $2,589, slightly below the national median of $2,690. Property taxes in Belknap 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 Belknap'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 Belknap 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
Belknap, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$1,914
$1,871
Ownwell’s Belknap Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Belknap with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Belknap to project your property tax bill. This practical tool provides a clear understanding of potential tax liabilities. For those interested in more detailed insights, localized neighborhood trends are available further down the page. Your property’s assessed value is determined by the county and is used for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Belknap, Illinois
Property taxes in Belknap, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belknap is 1.73%, higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Belknap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belknap 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 Belknap's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62908 zip code has the highest median property tax rate of 2.53%, while the 62908 zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Belknap provides valuable insights into the varying tax landscape across Massac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belknap Tax Rate
2.53%
Average Massac County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | 1.96% | 2.22% | 2.53% | 3.53% | 5.56% |
Source: Ownwell
Property Tax Assessment Values Across Belknap, Illinois
In Belknap, 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 Massac 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 Belknap, 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 Belknap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62908, with a median bill of $2,589.
Average Belknap Assessed Value
$75,668
Average Massac County Assessed Value
$60,801
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | $28,233 | $43,166 | $75,668 | $126,335 | $158,308 |
Source: Ownwell
Property Tax Bills Across Belknap, Illinois
Property tax bills in Belknap, located in Massac County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Belknap is influenced by factors such as property size, location, and condition. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Belknap, the median home price is $75,668, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,221, while at the 75th percentile, it rises to $3,505. The highest tax bills, at the 90th percentile, reach up to $5,257. This variation shows how property taxes can impact homeowners differently, with some paying significantly more than others. Compared to the national median property tax rate of 0.99%, Belknap's tax bills reflect the local economic and property value conditions, directly influencing the financial responsibilities of its residents.
Average Belknap Tax Bill
$2,589
Average Massac County Tax Bill
$1,443
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Belknap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62908 | $817 | $1,221 | $2,589 | $3,505 | $5,257 |
Source: Ownwell