Table Grove, Illinois Property Taxes
The median property tax rate in Table Grove, IL is 2.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Table Grove at $58,154, the typical annual property tax bill reaches $954, which is below the national median of $2,690. Property taxes in Table Grove 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 Table Grove'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 Table Grove 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
Table Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$1,681
$1,642
Ownwell’s Table Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Table Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Table Grove 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 Table Grove, Illinois
Property taxes in Table Grove, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Table Grove is 2.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Table Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Table Grove 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 Table Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61482 has both the highest and lowest median property tax rate of 2.89%. Understanding how these cities compare with Table Grove provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Table Grove Tax Rate
2.89%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Table Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61482 | 1.50% | 2.21% | 2.89% | 3.60% | 3.65% |
Source: Ownwell
Property Tax Assessment Values Across Table Grove, Illinois
In Table Grove, 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 Fulton 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 Table Grove, 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 Table Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Table Grove, the median home price is $58,154. The highest and lowest median tax bills, both at $954.00, are found in zip code 61482.
Average Table Grove Assessed Value
$58,154
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Table Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61482 | $14,483 | $33,762 | $58,154 | $91,028 | $138,214 |
Source: Ownwell
Property Tax Bills Across Table Grove, Illinois
In Table Grove, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Assessors evaluate properties to determine their assessed value, taking into account factors such as location, property size, and any improvements made. The median home price in Table Grove stands at $58,154, and the property tax rate is applied to this assessed value to calculate the tax bill. Homeowners in Table Grove can expect a range of property tax bills. The 25th percentile tax bill is $559, while the 75th percentile tax bill reaches $2,002, and the 90th percentile peaks at $2,929. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax obligations. These property taxes are crucial for funding essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Table Grove Tax Bill
$954
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Table Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61482 | $226 | $559 | $954 | $2,002 | $2,929 |
Source: Ownwell