Elizabethtown, Illinois Property Taxes
The median property tax rate in Elizabethtown, Illinois is 1.75%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value in Elizabethtown of $51,184, the typical annual property tax bill amounts to $654, significantly below the national median of $2,690. Property taxes in Elizabethtown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Elizabethtown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elizabethtown or another part of Gallatin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elizabethtown, 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 Elizabethtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethtown 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 Elizabethtown, Illinois
Property taxes in Elizabethtown, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethtown is 1.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elizabethtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabethtown 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 Elizabethtown's effective property tax rate to other areas in Gallatin County and the national median. For comparison, the 62931 zip code has the highest median property tax rate of 1.75%, while the same zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Elizabethtown provides valuable insights into the varying tax landscape across Gallatin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabethtown Tax Rate
1.75%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | 0.42% | 0.92% | 1.75% | 2.09% | 3.62% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethtown, Illinois
In Elizabethtown, 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 Gallatin County Assessment Office 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 Elizabethtown, 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 Elizabethtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $51,184, with tax bills ranging from $318 at the 25th percentile to $1,772 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62931, valued at $654.
Average Elizabethtown Assessed Value
$51,184
Average Gallatin County Assessed Value
$44,390
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | $7,545 | $26,230 | $51,184 | $70,204 | $93,926 |
Source: Ownwell
Property Tax Bills Across Elizabethtown, Illinois
In Elizabethtown, located in Gallatin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's size, age, location, and market conditions. For homeowners in Elizabethtown, the tax bill can vary significantly. The median home price here is $51,184, and the property tax bill ranges from $318 at the 25th percentile to $1,772 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Elizabethtown's rates can be seen as relatively moderate, but the impact on homeowners can still be substantial. Understanding these factors is crucial for homeowners, as property taxes contribute to local services and infrastructure. Being aware of how these taxes are calculated can help homeowners better plan their finances and seek potential exemptions or appeals to manage their tax liabilities effectively.
Average Elizabethtown Tax Bill
$654
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | $105 | $318 | $654 | $1,182 | $1,772 |
Source: Ownwell