Altona, Illinois Property Taxes
The median property tax rate in Altona, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Altona, the typical annual property tax bill reaches $2,512, which is close to the national median of $2,690. Property taxes in Altona 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 Altona'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 Altona 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
Altona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$2,544
$2,486
Ownwell’s Altona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altona 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 Altona, Illinois
Property taxes in Altona, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altona is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Altona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altona 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 Altona's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61414 zip code has both the highest and lowest median property tax rate of 2.30%. Understanding how these cities compare with Altona 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 Altona Tax Rate
2.30%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | 1.72% | 1.99% | 2.30% | 2.49% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Altona, Illinois
In Altona, 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 Altona, 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 Altona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 61414 has both the highest and lowest median tax bills, with values around $2,512.
Average Altona Assessed Value
$110,616
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 Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | $60,471 | $79,048 | $110,616 | $219,042 | $354,208 |
Source: Ownwell
Property Tax Bills Across Altona, Illinois
In Altona, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Factors such as the size, location, and condition of the property can influence its assessed value. For homeowners in Altona, the median home price is $110,616. Property tax bills can vary significantly, with the 25th percentile at $1,371 and the 75th percentile at $5,471. At the 90th percentile, tax bills can reach up to $8,232. The highest median tax bill in Henry County is $2,512, which is above the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Altona Tax Bill
$2,512
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | $892 | $1,371 | $2,512 | $5,471 | $8,232 |
Source: Ownwell