Baileyville, Illinois Property Taxes
The median property tax rate in Baileyville, IL is 2.23%, 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, the typical annual property tax bill reaches $5,286, exceeding 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
2.23%
Estimate Property Tax Bill
$5,496
$5,100
Ownwell’s Baileyville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Baileyville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Baileyville to approximate your property tax bill. This valuable tool helps you understand potential tax liabilities. If you’re curious about trends at a neighborhood level, you can find more localized information by scrolling down. Your property’s assessed value is the value assigned by the county for property tax calculations, which takes into account any applicable exemptions.
Property Tax Rates Across Baileyville, Illinois
Property taxes in Baileyville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baileyville is 2.23%, 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 zip code 61007 has the highest median property tax rate of 2.23%, while the same zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Baileyville provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baileyville Tax Rate
2.23%
Average Stephenson County Tax Rate
3.21%
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 | 1.94% | 2.05% | 2.23% | 2.41% | 2.52% |
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 Stephenson 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 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. For instance, the highest median tax bill in Baileyville is $5,286 in the 61007 zip code, while the lowest is also $5,286 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Baileyville Assessed Value
$246,460
Average Stephenson County Assessed Value
$60,276
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 | $200,084 | $217,475 | $246,460 | $275,446 | $292,837 |
Source: Ownwell
Property Tax Bills Across Baileyville, Illinois
In Baileyville, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Baileyville is $246,460. Local tax authorities apply a tax rate to the assessed value to determine the annual tax bill. In this region, the tax bills show a significant range, with the 25th percentile at $5,085 and the 75th percentile at $5,486, indicating variability based on property values and local tax rates. Factors such as the property's location within specific school districts, municipal services, and any applicable exemptions also influence the final tax bill. For instance, the highest median tax bill in Baileyville is $5,286, which is notably higher than the national median property tax rate of 0.99%. This higher rate can impact homeowners by increasing their annual expenses, which can be a consideration for potential buyers and current residents when managing their finances.
Average Baileyville Tax Bill
$5,286
Average Stephenson County Tax Bill
$1,883
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 | $4,965 | $5,085 | $5,286 | $5,486 | $5,607 |
Source: Ownwell