Alpha, Illinois Property Taxes
The median property tax rate in ALPHA, Illinois is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in ALPHA, the typical annual property tax bill reaches $2,310, which is below the national median of $2,690. Property taxes in ALPHA 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 ALPHA'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 ALPHA 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
Alpha, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$2,429
$2,373
Ownwell’s ALPHA Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in ALPHA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ALPHA 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 Alpha, Illinois
Property taxes in ALPHA, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in ALPHA is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within ALPHA set these rates annually, and they can vary significantly across different neighborhoods. Each year, ALPHA 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 ALPHA's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61413 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these areas compare with ALPHA provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alpha Tax Rate
2.33%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | 1.58% | 2.06% | 2.33% | 2.66% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Alpha, Illinois
In ALPHA, 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 Henry 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 ALPHA, 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 ALPHA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in ALPHA is $104,247, with tax bills ranging from the 25th percentile at $1,408 to the 90th percentile at $5,544. The zip code 61413 has the highest median tax bill at $2,310.
Average Alpha Assessed Value
$104,247
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | $41,503 | $71,634 | $104,247 | $159,774 | $226,543 |
Source: Ownwell
Property Tax Bills Across Alpha, Illinois
Property tax bills in ALPHA, located in Henry County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. In ALPHA, the median home price is $104,247, and the property tax rate is a significant factor in determining the tax burden on homeowners. Several factors influence the tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. In Henry County, property tax bills can vary widely. For instance, the tax bill at the 25th percentile is $1,408, while at the 75th percentile, it rises to $3,595. The 90th percentile tax bill reaches up to $5,544, demonstrating considerable variation based on property value and other factors. These property taxes fund essential local services, impacting homeowners by contributing to the quality of public amenities and infrastructure in ALPHA. Understanding these factors can help homeowners anticipate their annual property tax obligations.
Average Alpha Tax Bill
$2,310
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | $758 | $1,408 | $2,310 | $3,595 | $5,544 |
Source: Ownwell