Junction, Illinois Property Taxes
The median property tax rate in Junction, IL is 1.67%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Junction at $53,596, the typical annual property tax bill reaches $608, which is significantly below the national median of $2,690. Property taxes in Junction 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 Junction'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 Junction 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
Junction, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$895
$875
Ownwell’s Junction Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Junction with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Junction 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 Junction, Illinois
Property taxes in Junction, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Junction is 1.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Junction set these rates annually, and they can vary significantly across different neighborhoods. Each year, Junction 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 Junction's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62954 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Junction 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 Junction Tax Rate
1.67%
Average Gallatin County Tax Rate
1.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62954 | 0.20% | 0.56% | 1.67% | 2.29% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Junction, Illinois
In Junction, 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 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 Junction, 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. For instance, the median home price in Junction is $53,596, with the highest median tax bill being $608 in the 62954 zip code. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Junction Assessed Value
$53,596
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 Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62954 | $7,787 | $24,653 | $53,596 | $89,250 | $130,686 |
Source: Ownwell
Property Tax Bills Across Junction, Illinois
In Junction, located in Gallatin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Junction is $53,596. Property taxes are then determined by applying the local tax rate to this assessed value. Homeowners in Junction face varying tax bills, with the 25th percentile at $143, the 75th percentile at $1,402, and the 90th percentile reaching up to $2,529. The highest median tax bill in the area is $608, found in the 62954 zip code. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Junction's rates can significantly affect a homeowner's annual expenses, especially for those at the higher end of the tax bill spectrum. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Junction Tax Bill
$608
Average Gallatin County Tax Bill
$496
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Junction, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62954 | $50 | $143 | $608 | $1,402 | $2,529 |
Source: Ownwell