South Beloit, Illinois Property Taxes
The median property tax rate in South Beloit, 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 South Beloit, the typical annual property tax bill reaches $3,515, exceeding the national median of $2,690. Property taxes in South Beloit 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 South Beloit'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 South Beloit 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
South Beloit, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$3,790
$3,704
Ownwell’s South Beloit Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in South Beloit. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate for South Beloit to provide an accurate property tax estimate. This tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can explore trends at the neighborhood level further down the page. Remember, your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across South Beloit, Illinois
Property taxes in South Beloit, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Beloit is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within South Beloit set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Beloit 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 South Beloit's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61080 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 cities compare with South Beloit provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Beloit Tax Rate
2.60%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Beloit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61080 | 1.54% | 2.25% | 2.60% | 2.79% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across South Beloit, Illinois
In South Beloit, 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 Winnebago County Assessment Office 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 South Beloit, 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 South Beloit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61080 has a median tax bill of $3,515, reflecting the highest and lowest median tax bills in the area.
Average South Beloit Assessed Value
$145,784
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Beloit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61080 | $48,680 | $79,283 | $145,784 | $172,197 | $249,718 |
Source: Ownwell
Property Tax Bills Across South Beloit, Illinois
Property tax bills in South Beloit, located in Winnebago County, IL, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $145,784, the assessed value is determined by local assessors who consider factors such as property size, location, and condition. The tax rate is then applied to the assessed value to determine the annual tax bill. In South Beloit, property tax bills can vary significantly, with the 25th percentile at $1,673 and the 75th percentile at $4,533. The highest median tax bill in the area is $3,515, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services. As a result, homeowners must budget for these costs, which can impact overall housing affordability and financial planning.
Average South Beloit Tax Bill
$3,515
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Beloit, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61080 | $780 | $1,673 | $3,515 | $4,533 | $6,549 |
Source: Ownwell