Eagarville, Illinois Property Taxes
The median property tax rate in Eagarville, IL is 1.27%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Eagarville, the typical annual property tax bill reaches $562, which is significantly below the national median of $2,690. Property taxes in Eagarville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Eagarville'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 Eagarville 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
Eagarville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$607
$593
Ownwell’s Eagarville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Eagarville with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Eagarville to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Eagarville, Illinois
Property taxes in Eagarville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eagarville is 1.27%, higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eagarville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eagarville 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 Eagarville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62023 zip code has both the highest and lowest median property tax rate of 1.27%. Understanding how these cities compare with Eagarville provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eagarville Tax Rate
1.27%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eagarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62023 | 0.44% | 1.04% | 1.27% | 1.81% | 1.91% |
Source: Ownwell
Property Tax Assessment Values Across Eagarville, Illinois
In Eagarville, 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 local authorities 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 Eagarville, 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 Eagarville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Eagarville are both $562, found in the zip code 62023.
Average Eagarville Assessed Value
$47,800
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eagarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62023 | $16,690 | $41,679 | $47,800 | $74,493 | $86,546 |
Source: Ownwell
Property Tax Bills Across Eagarville, Illinois
In Eagarville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $47,800, the assessed value is determined by local assessors. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any applicable exemptions can influence the final tax amount. Homeowners in Eagarville can expect varying tax bills. At the 25th percentile, the tax bill is around $336, while at the 75th percentile, it rises to approximately $1,092. The highest tax bills, at the 90th percentile, can reach up to $1,496. Compared to the national median property tax rate of 0.99%, Eagarville’s property taxes can be considered relatively moderate, affecting homeowners differently based on their property's assessed value and the specific tax rate applied. This system ensures that property taxes are proportional to the value of the property, providing essential funding for local services and infrastructure.
Average Eagarville Tax Bill
$562
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eagarville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62023 | $187 | $336 | $562 | $1,092 | $1,496 |
Source: Ownwell