Berwick, Illinois Property Taxes
The median property tax rate in Berwick, IL is 2.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Berwick, the typical annual property tax bill reaches $496, which is below the national median of $2,690. Property taxes in Berwick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Berwick'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 Berwick 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
Berwick, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Berwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Berwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Berwick 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 Berwick, Illinois
Property taxes in Berwick, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berwick is 2.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Berwick set these rates annually, and they can vary across different neighborhoods. Each year, Berwick 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 Berwick's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61417 ZIP code has the highest median property tax rate of 2.60%, while the same ZIP code also has the lowest median tax rate of 2.60%. Understanding how these areas compare with Berwick provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Berwick Tax Rate
2.60%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61417 | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Berwick, Illinois
In Berwick, 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 Warren 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 Berwick, 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 Berwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Berwick are both $496, found in the 61417 zip code.
Average Berwick Assessed Value
$19,095
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Berwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61417 | $6,795 | $11,408 | $19,095 | $26,782 | $31,395 |
Source: Ownwell
Property Tax Bills Across Berwick, Illinois
Property tax bills in Berwick, located in Warren County, IL, are calculated based on the assessed value of a property. The local tax assessor determines the assessed value, which is typically a percentage of the property's market value. Various factors such as the property's location, size, and condition are considered in this assessment. Homeowners in Berwick can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $296, while the 75th percentile tax bill can reach up to $696. At the 90th percentile, the tax bill can be as high as $815. The median home price in Berwick is $19,095, and with the highest median tax bill recorded at $496, this reflects a relatively moderate tax burden compared to the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by influencing their overall housing costs, potentially affecting affordability and long-term financial planning.
Average Berwick Tax Bill
$496
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Berwick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61417 | $176 | $296 | $496 | $696 | $815 |
Source: Ownwell