Pomona, Illinois Property Taxes
The median property tax rate in Pomona, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pomona, the typical annual property tax bill reaches $1,455, exceeding the national median of $2,690. Property taxes in Pomona 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 Pomona'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 Pomona 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
Pomona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$1,522
$1,488
Ownwell’s Pomona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pomona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pomona 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 Pomona, Illinois
Property taxes in Pomona, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pomona is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pomona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pomona 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 Pomona's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62975 zip code has the highest median property tax rate of 2.38%, while the 62975 zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Pomona provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pomona Tax Rate
2.38%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pomona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62975 | 1.09% | 1.65% | 2.38% | 2.79% | 3.39% |
Source: Ownwell
Property Tax Assessment Values Across Pomona, Illinois
In Pomona, 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 Jackson County Assessor's 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 Pomona, 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. The median home price in Pomona is $63,966, with tax bills ranging from $608 at the 25th percentile to $4,138 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 62975, with a median tax bill of $1,455. 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 Pomona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pomona Assessed Value
$63,966
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pomona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62975 | $17,648 | $35,574 | $63,966 | $107,076 | $143,732 |
Source: Ownwell
Property Tax Bills Across Pomona, Illinois
In Pomona, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $63,966, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as the property's location within Jackson County, any applicable exemptions, and the specific rates set by local taxing authorities all play a role in determining the final tax bill. For example, the 25th percentile tax bill in the area is around $608, while the 75th percentile tax bill can reach up to $2,843. The 90th percentile tax bill goes even higher, reaching $4,138. These variations significantly impact homeowners, influencing their annual financial planning and overall affordability of living in Pomona.
Average Pomona Tax Bill
$1,455
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pomona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62975 | $289 | $608 | $1,455 | $2,843 | $4,138 |
Source: Ownwell