Bloomington, Mclean County, Illinois Property Taxes

Name: Property Tax Bills Across Bloomington, Mclean County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Bloomington, IL effective property tax rate: 2.59%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Bloomington, IL home value: $171,708
Median annual Bloomington, IL tax bill: $4,323, $1,923 higher than the national median property tax bill of $2,400.

How are property taxes in McLean County calculated?

Property taxes in Bloomington, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Bloomington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Bloomington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Bloomington, Mclean County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.59%

Estimate Property Tax Bill

$4,447

$4,127

Ownwell’s Bloomington Property Tax Bill Calculator empowers 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, our calculator applies Bloomington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in McLean County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Bloomington, Mclean County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Bloomington’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Bloomington, located in McLean County, has a median property tax rate of 2.59%, which is significantly higher than the national median of 1.02%. Within Bloomington, the highest median tax rate is 2.64% in the 61704 zip code, while the lowest is 2.47% in the 61701 zip code. This variation illustrates how property tax rates can differ even within a single city. Comparatively, Illinois has some of the highest property tax rates in the nation, making it essential for homeowners in Bloomington to explore potential savings through property tax appeals and exemptions.

Property Tax Rates Across Bloomington, Mclean County, Illinois

Source: Ownwell

1.97%

2.39%

2.81%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Bloomington Tax Rate

2.59%

Median Effective Mclean County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Bloomington, Mclean County, 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, Mclean County, Illinois

When examining property taxes in Bloomington, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McLean County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In McLean County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Bloomington. For example, the median home price in Bloomington is $171,708, with tax bills ranging significantly across the county. Zip code 61705 has the highest median home price at $257,967.

Property Tax Assessment Values Across Bloomington, Mclean County, Illinois

Source: Ownwell

$54,762

$156,365

$257,967

Median Bloomington Market Value

$171,708

Median Mclean County Market Value

$163,629

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Bloomington, Mclean County, 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, Mclean County, Illinois

In Bloomington, located in McLean 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 here is $171,708, and the property tax rate is higher than the national median of 1.02%. This results in significant tax bills for homeowners, with the 25th percentile tax bill at $2,725 and the 75th percentile reaching $6,521. The highest median tax bill in the area is $6,659 in the 61705 zip code, while the lowest is $2,764 in the 61701 zip code. Such substantial tax bills can be burdensome for homeowners.

Ownwell offers a solution by providing property tax appeal and exemption services. By analyzing each property's assessed value and comparing it to similar properties, Ownwell identifies opportunities for tax reductions. This can lead to significant savings, alleviating the financial strain on homeowners. With Ownwell's expertise, homeowners in Bloomington can ensure their property tax bills are fair and manageable.

Property Tax Bills Across Bloomington, Mclean County, Illinois

Source: Ownwell

$1,318

$3,989

$6,659

Median Bloomington Tax Bill

$4,323

Median Mclean County Tax Bill

$4,175

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Bloomington, Mclean County, 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