Baileyville, Illinois Property Taxes
The median property tax rate in Baileyville, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Baileyville at $95,031, the typical annual property tax bill reaches $2,182, which is still below the national median of $2,690. Property taxes in Baileyville 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 Baileyville'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 Baileyville 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
Baileyville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$2,043
$1,996
Ownwell’s Baileyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baileyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baileyville 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 Baileyville, Illinois
Property taxes in Baileyville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baileyville is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Baileyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baileyville 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 Baileyville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61007 zip code has the same median property tax rate of 2.15%. Understanding how these cities compare with Baileyville provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baileyville Tax Rate
2.15%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baileyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61007 | 1.40% | 1.97% | 2.15% | 2.59% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Baileyville, Illinois
In Baileyville, 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 Ogle County Assessment Office 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 Baileyville, 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. The zip code with the highest median tax bill is 61007, with a value of $2,182, which is significantly above the national median property tax rate of 0.99%. Being aware of these valuation processes in Baileyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Baileyville Assessed Value
$95,031
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baileyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61007 | $48,466 | $73,806 | $95,031 | $145,695 | $204,210 |
Source: Ownwell
Property Tax Bills Across Baileyville, Illinois
In Baileyville, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $95,031, homeowners in Baileyville can expect to pay a property tax that falls within the range of $1,439 at the 25th percentile to $3,341 at the 75th percentile, and up to $5,019 at the 90th percentile. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, Baileyville's property taxes can vary significantly, impacting homeowners' financial planning. The highest and lowest median tax bills in the region both stand at $2,182, reflecting the uniformity in certain areas. Understanding these variables helps homeowners anticipate their annual expenses and budget accordingly.
Average Baileyville Tax Bill
$2,182
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Baileyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61007 | $863 | $1,439 | $2,182 | $3,341 | $5,019 |
Source: Ownwell