Mount Carmel, Illinois Property Taxes
The median property tax rate in Mount Carmel, IL is 6.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Carmel at $17,074, the typical annual property tax bill reaches $1,075, exceeding the national median of $2,690. Property taxes in Mount Carmel 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 Mount Carmel'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 Mount Carmel 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
Mount Carmel, 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 Mount Carmel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Carmel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Carmel 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 Mount Carmel, Illinois
Property taxes in Mount Carmel, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carmel is 6.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carmel 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 Mount Carmel's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62863 has the highest median property tax rate of 6.30%, while the same zip code also has the lowest median tax rate of 6.30%. Understanding how these cities compare with Mount Carmel provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Carmel Tax Rate
6.30%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | 6.30% | 6.30% | 6.30% | 6.30% | 6.30% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carmel, Illinois
In Mount Carmel, 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 Lawrence County Assessment 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 Mount Carmel, 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 Mount Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,075, found in zip code 62863.
Average Mount Carmel Assessed Value
$17,074
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $17,074 | $17,074 | $17,074 | $17,074 | $17,074 |
Source: Ownwell
Property Tax Bills Across Mount Carmel, Illinois
In Mount Carmel, IL, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $17,074, the assessed value is then multiplied by the local tax rate to determine the tax bill. In Lawrence County, the typical property tax bill stands at $1,075, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax rate in the area. Compared to the national median property tax rate of 0.99%, homeowners in Mount Carmel experience a relatively predictable tax environment. Factors such as local government budgets, school funding needs, and public service requirements also influence the tax rate. For homeowners, understanding these elements is crucial as they directly impact annual expenses, potentially affecting decisions related to property investment and financial planning.
Average Mount Carmel Tax Bill
$1,075
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $1,075 | $1,075 | $1,075 | $1,075 | $1,075 |
Source: Ownwell