Virginia, Illinois Property Taxes
The median property tax rate in Virginia, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Virginia at $74,782, the typical annual property tax bill reaches $1,820, which is below the national median of $2,690. Property taxes in Virginia 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 Virginia'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 Virginia or another part of Cass County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Virginia, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Virginia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Virginia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Virginia 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 Virginia, Illinois
Property taxes in Virginia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virginia is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Virginia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virginia 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 Virginia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62691 zip code has the highest median property tax rate of 2.38%, while the 62691 zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Virginia provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Virginia Tax Rate
2.38%
Average Cass County Tax Rate
2.27%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Virginia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62691 | 1.65% | 2.10% | 2.38% | 2.62% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Virginia, Illinois
In Virginia, 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 Cass 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 Virginia, 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 Virginia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,820 in zip code 62691, while the lowest is also $1,820 in the same zip code.
Average Virginia Assessed Value
$74,782
Average Cass County Assessed Value
$72,645
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Virginia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62691 | $33,294 | $50,790 | $74,782 | $115,766 | $166,790 |
Source: Ownwell
Property Tax Bills Across Virginia, Illinois
In Virginia, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local government determines the tax rate, which is then applied to the assessed value to calculate the tax bill. For example, with a median home price of $74,782, homeowners can expect varying tax bills depending on where they fall within the distribution. At the 25th percentile, tax bills are around $1,098, while those at the 75th percentile face bills closer to $2,849. The 90th percentile sees even higher tax bills, reaching up to $4,201. These tax bills impact homeowners significantly, influencing both monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, the rates in Virginia, IL can result in a substantial financial burden for homeowners, especially those in higher tax brackets. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate property tax obligations.
Average Virginia Tax Bill
$1,820
Average Cass County Tax Bill
$1,681
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Virginia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62691 | $587 | $1,098 | $1,820 | $2,849 | $4,201 |
Source: Ownwell