Pocahontas, Illinois Property Taxes
The median property tax rate in Pocahontas, IL is 2.42%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pocahontas at $56,454, the typical annual property tax bill reaches $1,239, surpassing the national median of $2,690. Property taxes in Pocahontas are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Pocahontas'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 Pocahontas 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
Pocahontas, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$1,366
$1,335
Ownwell’s Pocahontas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pocahontas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pocahontas 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 Pocahontas, Illinois
Property taxes in Pocahontas, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pocahontas is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pocahontas set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pocahontas 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 Pocahontas's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62275 zip code has the highest median property tax rate of 2.42%, while the lowest median tax rate is also 2.42%. Understanding how these cities compare with Pocahontas provides valuable insights into the varying tax landscape across Bond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pocahontas Tax Rate
2.42%
Average Bond County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pocahontas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62275 | 1.08% | 1.93% | 2.42% | 2.95% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Pocahontas, Illinois
In Pocahontas, 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 Bond 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 Pocahontas, 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 Pocahontas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Pocahontas is $56,454, with the highest median tax bill at $1239 in zip code 62275.
Average Pocahontas Assessed Value
$56,454
Average Bond County Assessed Value
$56,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pocahontas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62275 | $10,867 | $27,412 | $56,454 | $82,898 | $120,205 |
Source: Ownwell
Property Tax Bills Across Pocahontas, Illinois
In Pocahontas, located in Bond County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value typically represents a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the median home price in Pocahontas is $56,454, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $490 annually, while those in the 75th percentile face bills of approximately $1,894. The top 10% of tax bills can reach up to $2,984. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services. However, they can also represent a significant portion of a homeowner's annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated helps homeowners budget and plan effectively.
Average Pocahontas Tax Bill
$1,239
Average Bond County Tax Bill
$1,285
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pocahontas, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62275 | $222 | $490 | $1,239 | $1,894 | $2,984 |
Source: Ownwell