Braceville, Will County, Illinois Property Taxes

Name: Property Tax Bills Across Braceville, Will County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Braceville, IL effective property tax rate: 1.80%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Braceville, IL home value: $139,040
Median annual Braceville, IL tax bill: $2,194, $206 lower than the national median property tax bill of $2,400.

How are property taxes in Will calculated?

Property taxes in Braceville, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Braceville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Braceville, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Braceville, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.8%

Estimate Property Tax Bill

$2,503

$2,322

Ownwell’s Braceville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Braceville with just two data points. By entering your property's estimated assessed value, our calculator applies Braceville’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Will County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Braceville, Will County, Illinois

Local government entities determine property tax rates, leading to significant variation within a state. This occurs because counties annually estimate their budgetary needs to fund essential services, then divide this budget by the total value of all taxable properties in their jurisdiction, resulting in the property tax rate. Although setting tax rates and budgets involves votes and legal frameworks, this is the core of the yearly process.

In Braceville, located in Will County, Illinois, the effective property tax rate is 1.80%. This rate is considerably higher than the national median property tax rate of 1.02%. When comparing property tax rates across Illinois, Braceville's rate stands out as both the highest and lowest median rate in the area, highlighting the uniformity within its zip code, 60407. The higher rate in Braceville means that property owners face higher tax bills compared to many other regions in the United States. Understanding these rates helps property owners make informed decisions about their investments and potential tax liabilities.

Property Tax Rates Across Braceville, Will County, Illinois

Source: Ownwell

1.73%

3.67%

5.61%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Braceville Tax Rate

1.80%

Median Effective Will County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Braceville, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60407	1.62%	1.69%	1.80%	1.99%	2.14%

Source: Ownwell

Property Tax Assessment Values Across Braceville, Will County, Illinois

When examining property taxes in Braceville, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Will County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Will County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Braceville. For example, the median home price in Braceville is $139,040, with tax bills ranging significantly across the county. Zip code 60407 has the highest median home price at $139,040.

Property Tax Assessment Values Across Braceville, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Braceville Market Value

$139,040

Median Will County Market Value

$251,502

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Braceville, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60407	$77,784	$100,809	$139,040	$227,637	$275,594

Source: Ownwell

Property Tax Bills Across Braceville, Will County, Illinois

In Braceville, located in Will County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. With a median home price of $139,040, homeowners in Braceville face a median property tax bill of $2,194, which is slightly below the national median property tax bill of $2,400. However, tax bills can vary significantly, with amounts ranging from $1,795 at the 25th percentile to $5,902 at the 90th percentile, depending on factors such as property size and improvements. These taxes can be a significant expense for homeowners, impacting their overall financial planning. Ownwell offers a solution by assisting homeowners in appealing their property tax assessments and identifying potential exemptions. By leveraging expert knowledge and experience, Ownwell helps homeowners reduce their property tax bills, ensuring they pay only what is fair and equitable.

Property Tax Bills Across Braceville, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Braceville Tax Bill

$2,194

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Braceville, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60407	$1,332	$1,795	$2,194	$4,283	$5,902

Source: Ownwell