Beecher City, Illinois Property Taxes
The median property tax rate in Beecher City, IL is 2.15%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Beecher City at $71,745, the typical annual property tax bill reaches $1,295, falling below the national median of $2,690. Property taxes in Beecher City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Beecher City'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 Beecher City or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beecher City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$1,543
$1,431
Ownwell’s Beecher City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beecher City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beecher City 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 Beecher City, Illinois
Property taxes in Beecher City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beecher City is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Beecher City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beecher City 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. For comparison, the highest and lowest median property tax rates in Beecher City are both 2.15%, highlighting a uniformity in the tax landscape within the area. Understanding how these rates compare with Beecher City provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beecher City Tax Rate
2.15%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | 0.98% | 1.77% | 2.15% | 2.39% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Beecher City, Illinois
In Beecher City, 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 Shelby 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 Beecher City, 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. The median home price in Beecher City is $71,745, with tax bills ranging from $463 at the 25th percentile to $4,331 at the 90th percentile. 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 Beecher City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Beecher City Assessed Value
$71,745
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | $11,849 | $32,398 | $71,745 | $128,048 | $197,641 |
Source: Ownwell
Property Tax Bills Across Beecher City, Illinois
In Beecher City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local government determines this assessed value, and it is then multiplied by the property tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Beecher City, the median home price is $71,745. Tax bills can vary significantly, with the 25th percentile at $463 and the 75th percentile reaching $2,580. The highest median tax bill in the area is $1,295, which is consistent across the zip code 62414. This variability in tax bills means that while some homeowners may find their property taxes manageable, others could face a more substantial financial burden. Compared to the national median property tax rate of 0.99%, Beecher City's property tax rates can have a notable impact on homeowners, influencing their overall cost of living and financial planning.
Average Beecher City Tax Bill
$1,295
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Beecher City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62414 | $221 | $463 | $1,295 | $2,580 | $4,331 |
Source: Ownwell