Bushnell, Illinois Property Taxes
The median property tax rate in Bushnell, IL is 3.00%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bushnell, the typical annual property tax bill reaches $961, which is below the national median of $2,690. Property taxes in Bushnell 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 Bushnell'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 Bushnell 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
Bushnell, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3%
Estimate Property Tax Bill
$995
$923
Ownwell’s Bushnell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bushnell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bushnell 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 Bushnell, Illinois
Property taxes in Bushnell, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bushnell is 3.00%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bushnell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bushnell 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 Bushnell's effective property tax rate to other areas in McDonough County and the national median. For comparison, the 61422 zip code has both the highest and lowest median property tax rate of 3.00%. Understanding how these areas compare with Bushnell provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bushnell Tax Rate
3.00%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bushnell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61422 | 2.68% | 3.00% | 3.00% | 3.00% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Bushnell, Illinois
In Bushnell, 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 McDonough 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 Bushnell, 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 Bushnell is $33,170, with tax bills ranging from $647 at the 25th percentile to $1,839 at the 90th percentile. The highest and lowest median tax bill is $961 in the 61422 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 Bushnell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bushnell Assessed Value
$33,170
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bushnell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61422 | $13,422 | $23,182 | $33,170 | $49,358 | $61,616 |
Source: Ownwell
Property Tax Bills Across Bushnell, Illinois
In Bushnell, located in McDonough County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $33,170, the assessed value is determined by local assessment practices. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Bushnell can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $647, while the 75th percentile tax bill reaches $1,458. At the higher end, the 90th percentile tax bill is about $1,839. These property taxes fund essential community services such as schools, public safety, and infrastructure. Comparatively, Bushnell's property tax rates are notable when juxtaposed with the national median property tax rate of 0.99%, impacting homeowners' financial planning and long-term investment in their properties.
Average Bushnell Tax Bill
$961
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bushnell, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61422 | $392 | $647 | $961 | $1,458 | $1,839 |
Source: Ownwell