Elmwood, Illinois Property Taxes
The median property tax rate in Elmwood, IL is 1.98%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elmwood, the typical annual property tax bill reaches $2,264, slightly below the national median of $2,690. Property taxes in Elmwood 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 Elmwood'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 Elmwood 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
Elmwood, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Elmwood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elmwood using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Knox County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Elmwood, Illinois
Property taxes in Elmwood, Illinois, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood is 2.1%, significantly higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Elmwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61529 zip code has the highest median property tax rate of 2.1%, while the same zip code also has the lowest median tax rate of 2.1%. Understanding how these cities compare with Elmwood 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 Elmwood Tax Rate
1.98%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | 0.29% | 1.64% | 1.98% | 2.41% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood, Illinois
In Elmwood, 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 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 Elmwood, 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 Elmwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elmwood is $2,264 in zip code 61529, while the lowest median tax bill is also $2,264 in the same zip code.
Average Elmwood Assessed Value
$112,620
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 Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | $72,300 | $90,120 | $112,620 | $135,495 | $1,043,755 |
Source: Ownwell
Property Tax Bills Across Elmwood, Illinois
In Elmwood, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. Homeowners in Elmwood can expect their property tax bills to vary significantly depending on the value of their homes. For example, the 25th percentile tax bill is approximately $1,853, while the 75th percentile tax bill reaches around $3,244. At the 90th percentile, homeowners might see tax bills as high as $4,045. These property tax bills are influenced by various factors, including the local tax rate, which can be compared to the national median property tax rate of 0.99%. Higher property values generally result in higher tax bills, affecting homeowners by increasing their annual financial obligations. For homeowners in Elmwood, understanding these factors can help manage expectations and prepare for potential tax liabilities.
Average Elmwood Tax Bill
$2,264
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | $1,214 | $1,853 | $2,264 | $3,244 | $4,045 |
Source: Ownwell