Bloomington, Illinois Property Taxes
The median property tax rate in Bloomington, IL is 2.59%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bloomington at $171,708, the typical annual property tax bill reaches $4,323, exceeding the national median of $2,690. Property taxes in Bloomington 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 Bloomington'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 Bloomington 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
Bloomington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.59%
Estimate Property Tax Bill
$4,447
$4,347
Ownwell’s Bloomington Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Illinois
Property taxes in Bloomington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 2.59%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61704 zip code has the highest median property tax rate of 2.64%, while the 61701 zip code has the lowest median tax rate of 2.47%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
2.59%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61701 | 1.91% | 2.26% | 2.47% | 2.83% | 2.83% |
| 61704 | 2.33% | 2.51% | 2.64% | 2.75% | 2.83% |
| 61705 | 2.31% | 2.48% | 2.63% | 2.75% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Illinois
In Bloomington, 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 McLean 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. In Bloomington, 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. For example, the median home price in Bloomington is $171,708, with tax bills ranging from $2,725 at the 25th percentile to $9,149 at the 90th percentile. The highest median tax bill is $6,659 in the 61705 zip code, while the lowest is $2,764 in the 61701 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bloomington Assessed Value
$171,708
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61701 | $69,044 | $87,762 | $114,105 | $151,656 | $198,700 |
| 61704 | $120,454 | $162,644 | $213,060 | $273,576 | $356,662 |
| 61705 | $148,566 | $188,403 | $257,967 | $335,724 | $395,962 |
Source: Ownwell
Property Tax Bills Across Bloomington, Illinois
In Bloomington, IL, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. Local tax authorities assess properties periodically to establish this value. The tax rate, known as the millage rate, is then applied to the assessed value to calculate the tax bill. Several factors influence the final tax bill, including the property's location within McLean County, the specific tax rates levied by various taxing entities like school districts and municipal services, and any applicable exemptions. For instance, the median home price in Bloomington is $171,708, and tax bills can range significantly. Homeowners in the 25th percentile pay around $2,725, while those in the 75th percentile face bills up to $6,521. The highest median tax bill in the area is $6,659, found in ZIP code 61705. These taxes directly impact homeowners by contributing to the funding of essential community services but can also represent a significant annual expense. Understanding how these factors interplay helps homeowners anticipate and manage their property tax obligations effectively.
Average Bloomington Tax Bill
$4,323
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61701 | $1,491 | $2,031 | $2,764 | $3,830 | $5,071 |
| 61704 | $2,858 | $4,069 | $5,551 | $7,322 | $9,846 |
| 61705 | $3,488 | $4,676 | $6,659 | $9,033 | $10,817 |
Source: Ownwell