Ivesdale, Illinois Property Taxes
The median property tax rate in Ivesdale, IL is 2.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ivesdale, the typical annual property tax bill reaches $3,273, exceeding the national median of $2,690. Property taxes in Ivesdale 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 Ivesdale'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 Ivesdale 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
Ivesdale, 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 Ivesdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ivesdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ivesdale 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 Ivesdale, Illinois
Property taxes in Ivesdale, IL, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ivesdale is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ivesdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ivesdale 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 Ivesdale's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61851 zip code has the highest median property tax rate of 2.10%, while the same 61851 zip code also has the lowest median tax rate of 2.10%. Understanding how these rates compare with Ivesdale provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ivesdale Tax Rate
2.10%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ivesdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61851 | 2.04% | 2.07% | 2.10% | 2.14% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Ivesdale, Illinois
In Ivesdale, 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 Douglas 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 Ivesdale, 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 Ivesdale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,273, found in the zip code 61851.
Average Ivesdale Assessed Value
$154,302
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ivesdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61851 | $123,527 | $135,068 | $154,302 | $173,536 | $185,077 |
Source: Ownwell
Property Tax Bills Across Ivesdale, Illinois
In Ivesdale, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For example, with a median home price of $154,302, the assessed value is used to determine the tax bill. Factors such as property size, location, and improvements can influence this assessed value. The tax rate is applied to the assessed value to calculate the tax bill. In Ivesdale, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,811, while the 75th percentile tax bill is $3,734, and the 90th percentile tax bill reaches up to $4,012. These figures indicate that while some residents may pay lower taxes, others could face higher bills depending on their property's assessed value and other contributing factors. Compared to the national median property tax rate of 0.99%, Ivesdale's property taxes might seem relatively high, impacting homeowners by potentially increasing their annual financial obligations.
Average Ivesdale Tax Bill
$3,273
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ivesdale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61851 | $2,534 | $2,811 | $3,273 | $3,734 | $4,012 |
Source: Ownwell