Abingdon, Illinois Property Taxes
The median property tax rate in Abingdon, IL is 2.23%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Abingdon at $67,800, the typical annual property tax bill reaches $1,397, which, while lower than the national median of $2,690, still represents a significant expense for homeowners. Property taxes in Abingdon 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 Abingdon'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 Abingdon 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
Abingdon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$1,512
$1,477
Ownwell’s Abingdon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abingdon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abingdon 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 Abingdon, Illinois
Property taxes in Abingdon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abingdon is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Abingdon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abingdon 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 Abingdon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61410 zip code has the highest median property tax rate of 2.23%, while the same zip code also has the lowest median tax rate of 2.23%. Understanding how these cities compare with Abingdon provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abingdon Tax Rate
2.23%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abingdon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61410 | 1.01% | 1.68% | 2.23% | 2.93% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Abingdon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Abingdon, Illinois. 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 Knox 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 Abingdon, 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 Abingdon is $67,800, with tax bills ranging from $797 at the 25th percentile to $3,210 at the 90th percentile. Notably, the zip code 61410 has both the highest and lowest median tax bill at $1,397. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Abingdon Assessed Value
$67,800
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Abingdon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61410 | $26,766 | $42,375 | $67,800 | $96,645 | $137,532 |
Source: Ownwell
Property Tax Bills Across Abingdon, Illinois
In Abingdon, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the home's market value. The median home price in Abingdon is $67,800. Homeowners' tax bills can vary significantly, with the 25th percentile at $797 and the 75th percentile reaching $2,155. The highest median tax bill in Abingdon is $1,397, which aligns with the national median property tax rate of 0.99%. Several factors influence the tax bill, including property characteristics, local tax rates, and any applicable exemptions. For homeowners, this means that their annual property tax bill can range widely, impacting their overall housing costs. Understanding these factors helps homeowners anticipate their financial obligations and budget accordingly.
Average Abingdon Tax Bill
$1,397
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Abingdon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61410 | $436 | $797 | $1,397 | $2,155 | $3,210 |
Source: Ownwell