Brookport, Illinois Property Taxes
The median property tax rate in Brookport, IL is 2.52%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $61,941 in Brookport, the typical annual property tax bill amounts to $1,690, which is lower than the national median of $2,690. Property taxes in Brookport are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Brookport'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 Brookport or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brookport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$1,561
$1,448
Ownwell’s BROOKPORT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BROOKPORT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BROOKPORT 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 Brookport, Illinois
Property taxes in Brookport, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookport is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Brookport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookport 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 Brookport's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62910 has the highest median property tax rate of 2.52%, while the same zip code also has the lowest median tax rate of 2.52%. Understanding how these areas compare with Brookport 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 Brookport Tax Rate
2.52%
Average Massac County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62910 | 0.83% | 2.07% | 2.52% | 3.11% | 4.30% |
Source: Ownwell
Property Tax Assessment Values Across Brookport, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Brookport, Illinois. 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 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. 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 Brookport 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 in the area is 62910, with a tax bill of $1,690.00.
Average Brookport Assessed Value
$61,941
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 Brookport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62910 | $9,331 | $15,797 | $61,941 | $113,306 | $150,021 |
Source: Ownwell
Property Tax Bills Across Brookport, Illinois
In Brookport, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's market value, location, and any applicable exemptions can influence the assessed value. In Massac County, where Brookport is located, the median home price is $61,941. Property tax bills can vary significantly; the 25th percentile tax bill is around $461, while the 75th percentile tax bill reaches $2,862, and the 90th percentile can be as high as $4,076. Comparatively, the national median property tax rate is 0.99%. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. High property taxes can affect affordability and the overall cost of homeownership, making it essential for homeowners to be aware of their tax obligations and potential exemptions.
Average Brookport Tax Bill
$1,690
Average Massac County Tax Bill
$1,443
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62910 | $114 | $461 | $1,690 | $2,862 | $4,076 |
Source: Ownwell