Barnhill, Illinois Property Taxes
The median property tax rate in Barnhill, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Barnhill at $95,601, the typical annual property tax bill reaches $1,587, which is lower than the national median of $2,690. Property taxes in Barnhill 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 Barnhill'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 Barnhill 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
Barnhill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$1,941
$1,896
Ownwell’s Barnhill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barnhill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barnhill 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 Barnhill, Illinois
Property taxes in Barnhill, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Barnhill is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Barnhill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barnhill 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 Barnhill's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62809 zip code has the highest median property tax rate of 2.03%, while the same zip code also has the lowest median tax rate of 2.03%. Understanding how these figures compare with Barnhill provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barnhill Tax Rate
2.03%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | 0.52% | 1.15% | 2.03% | 2.18% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Barnhill, Illinois
In Barnhill, 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 Wayne 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 Barnhill, 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 Barnhill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Barnhill is $1587, found in the 62809 zip code, while the lowest is also $1587, indicating uniformity in tax bills across different areas.
Average Barnhill Assessed Value
$95,601
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | $22,200 | $48,914 | $95,601 | $131,014 | $226,506 |
Source: Ownwell
Property Tax Bills Across Barnhill, Illinois
In Barnhill, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. The tax rate, or millage rate, is then applied to the assessed value to determine the annual property tax bill. Factors such as property improvements, location, and market conditions influence the assessed value. For homeowners in Barnhill, the median home price is $95,601, and the property tax bills can vary significantly. For example, the 25th percentile tax bill is $542, while the 75th percentile tax bill reaches $3,140. At the 90th percentile, homeowners could see a tax bill as high as $5,102. This variability means that property taxes can have a substantial impact on household budgets, with some homeowners paying significantly more than others based on the assessed value of their property. The highest median tax bill in the area is $1,587, which is higher than the national median property tax rate of 0.99%.
Average Barnhill Tax Bill
$1,587
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Barnhill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62809 | $209 | $542 | $1,587 | $3,140 | $5,102 |
Source: Ownwell