Kinmundy, Illinois Property Taxes
The median property tax rate in Kinmundy, IL is 2.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kinmundy, the typical annual property tax bill reaches $1,032, which is below the national median of $2,690. Property taxes in Kinmundy 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 Kinmundy'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 Kinmundy 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
Kinmundy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$1,099
$1,074
Ownwell’s Kinmundy Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Kinmundy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinmundy to provide an accurate estimate of your property tax bill. This handy tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at a neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Kinmundy, Illinois
Property taxes in Kinmundy, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinmundy is 2.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kinmundy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinmundy 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 Kinmundy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62854 zip code has the highest median property tax rate of 2.14%, while the lowest median tax rate is also in the 62854 zip code at 2.14%. Understanding how these cities compare with Kinmundy provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kinmundy Tax Rate
2.14%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | 1.95% | 2.02% | 2.14% | 2.27% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Kinmundy, Illinois
In Kinmundy, 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 Fayette 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. Assessment notices in Kinmundy 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. The median home price in Kinmundy is $51,378, with tax bills ranging from $784 at the 25th percentile to $1,429 at the 90th percentile. The highest and lowest median tax bill in the area is $1,032, found in zip code 62854. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kinmundy Assessed Value
$51,378
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $28,256 | $36,927 | $51,378 | $65,829 | $74,500 |
Source: Ownwell
Property Tax Bills Across Kinmundy, Illinois
In Kinmundy, located in Fayette County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Kinmundy is $51,378, with property tax rates typically aligning with the county's standards. Homeowners in the 25th percentile can expect a tax bill around $784, while those in the 75th percentile may see bills closer to $1,280. At the 90th percentile, tax bills can reach up to $1,429. These tax bills are influenced by several factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Kinmundy's tax bills can vary but generally reflect the economic and housing conditions within the area. For homeowners, understanding these factors is crucial as property taxes significantly impact annual housing costs and overall affordability. The highest and lowest median tax bills in the area are both recorded at $1,032 in the zip code 62854.
Average Kinmundy Tax Bill
$1,032
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $635 | $784 | $1,032 | $1,280 | $1,429 |
Source: Ownwell