Beardstown, Illinois Property Taxes
The median property tax rate in Beardstown, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Beardstown at $98,082, the typical annual property tax bill reaches $1,569, which is below the national median of $2,690. Property taxes in Beardstown 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 Beardstown'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 Beardstown 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
Beardstown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$2,070
$2,022
Ownwell’s Beardstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beardstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beardstown 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 Beardstown, Illinois
Property taxes in Beardstown, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beardstown is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Beardstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beardstown 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 Beardstown's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62618 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Beardstown provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beardstown Tax Rate
2.11%
Average Schuyler County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beardstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62618 | 1.51% | 1.87% | 2.11% | 2.23% | 2.40% |
Source: Ownwell
Property Tax Assessment Values Across Beardstown, Illinois
In Beardstown, 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 Schuyler 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 Beardstown, 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 Beardstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,569, found in the 62618 zip code.
Average Beardstown Assessed Value
$98,082
Average Schuyler County Assessed Value
$67,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beardstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62618 | $25,058 | $62,646 | $98,082 | $102,405 | $108,579 |
Source: Ownwell
Property Tax Bills Across Beardstown, Illinois
In Beardstown, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The county assessor evaluates properties to determine this assessed value, often a percentage of the market value. For instance, with a median home price of $98,082, the assessed value becomes the basis for calculating the tax bill. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Beardstown experience a range of tax bills. At the 25th percentile, the tax bill is around $1,244, while at the 75th percentile, it rises to approximately $2,124. For those at the 90th percentile, the tax bill can reach up to $2,297. These variations highlight the impact of property assessments and local tax rates on homeowners, affecting their annual financial obligations. In comparison to the national median property tax rate of 0.99%, Beardstown's property tax rates reflect the local economic conditions and municipal budgetary needs.
Average Beardstown Tax Bill
$1,569
Average Schuyler County Tax Bill
$1,400
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Beardstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62618 | $694 | $1,244 | $1,569 | $2,124 | $2,297 |
Source: Ownwell