Brimfield, Illinois Property Taxes
The median property tax rate in Brimfield, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Brimfield at $170,145, the typical annual property tax bill reaches $3,985, exceeding the national median of $2,690. Property taxes in Brimfield 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 Brimfield'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 Brimfield 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
Brimfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$4,118
$3,821
Ownwell’s Brimfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brimfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brimfield 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 Brimfield, Illinois
Property taxes in Brimfield, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brimfield is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Brimfield set these rates annually, and they can vary across different neighborhoods. Each year, Brimfield 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 Brimfield's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61517 has the highest median property tax rate of 2.42%, while the same zip code also has the lowest median tax rate of 2.42%. Understanding how these cities compare with Brimfield provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brimfield Tax Rate
2.42%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brimfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61517 | 1.98% | 2.26% | 2.42% | 2.54% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Brimfield, Illinois
In Brimfield, 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 Peoria 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 Brimfield, 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 Brimfield 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 Brimfield is 61517, with a median tax bill of $3,985.
Average Brimfield Assessed Value
$170,145
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brimfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61517 | $44,199 | $102,390 | $170,145 | $257,618 | $377,769 |
Source: Ownwell
Property Tax Bills Across Brimfield, Illinois
In Brimfield, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate set by various taxing authorities, including the county, school districts, and other local entities. For instance, in Peoria County, where Brimfield is located, the median home price is $170,145. Homeowners in the 25th percentile can expect a tax bill around $2,290, while those in the 75th percentile might see bills as high as $6,299. The 90th percentile tax bill can reach up to $9,490. These figures illustrate the range of property tax burdens residents might face, depending on the value of their homes. With the national median property tax rate at 0.99%, understanding these local nuances is crucial for homeowners who want to anticipate their financial responsibilities accurately.
Average Brimfield Tax Bill
$3,985
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Brimfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61517 | $880 | $2,290 | $3,985 | $6,299 | $9,490 |
Source: Ownwell