Beecher, Illinois Property Taxes
The median property tax rate in Beecher, 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 Beecher, the typical annual property tax bill reaches $5,287, exceeding the national median of $2,690. Property taxes in Beecher 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 Beecher'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 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
Beecher, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$5,476
$5,082
Ownwell’s Beecher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beecher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beecher 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, Illinois
Property taxes in Beecher, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beecher is 2.16%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Beecher set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beecher 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 Beecher's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60401 zip code has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Beecher provides valuable insights into the varying tax landscape across Will County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beecher Tax Rate
2.60%
Average Will County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beecher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60401 | 1.88% | 2.42% | 2.60% | 2.68% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Beecher, Illinois
In Beecher, 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 Will County Assessor 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, 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 Beecher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $210,630, with tax bills ranging significantly. For example, the 25th percentile tax bill is $3,714, while the 75th percentile is $6,795. The highest and lowest median tax bills are both $5,287, found in the 60401 zip code.
Average Beecher Assessed Value
$210,630
Average Will County Assessed Value
$251,502
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beecher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60401 | $89,006 | $160,559 | $210,630 | $263,634 | $306,871 |
Source: Ownwell
Property Tax Bills Across Beecher, Illinois
In Beecher, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is typically a percentage of the market value, and local tax rates are then applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's location, its assessed value, and the local tax rate. For homeowners in Beecher, the median home price is $210,630. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,714 and the 75th percentile tax bill at $6,795. At the 90th percentile, tax bills can reach as high as $8,090. The highest median tax bill in the area is $5,287, which is notably higher than the national median property tax rate of 0.99%. These tax obligations can significantly impact homeowners' finances, making it crucial to understand how these taxes are calculated and what factors contribute to their overall property tax bill.
Average Beecher Tax Bill
$5,287
Average Will County Tax Bill
$6,703
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Beecher, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60401 | $1,626 | $3,714 | $5,287 | $6,795 | $8,090 |
Source: Ownwell