Alhambra, Illinois Property Taxes
The median property tax rate in Alhambra, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Alhambra at $174,235, the typical annual property tax bill reaches $3,541, exceeding the national median of $2,690. Property taxes in Alhambra 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 Alhambra'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 Alhambra 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
Alhambra, 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 Alhambra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alhambra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alhambra 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 Alhambra, Illinois
Property taxes in Alhambra, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alhambra is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Alhambra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alhambra 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 Alhambra's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62001 has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Alhambra provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alhambra Tax Rate
2.13%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alhambra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62001 | 1.63% | 1.93% | 2.13% | 2.32% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Alhambra, Illinois
In Alhambra, 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 Madison 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 Alhambra, 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. For instance, the highest median tax bill in Alhambra's 62001 zip code is $3,541. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alhambra Assessed Value
$174,235
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alhambra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62001 | $70,583 | $108,934 | $174,235 | $243,348 | $323,622 |
Source: Ownwell
Property Tax Bills Across Alhambra, Illinois
In Alhambra, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the Madison County Assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Alhambra face a median property tax rate of 2.03%, which is notably higher than the national median of 0.99%. For a median home price of $174,235, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $2,201 annually, whereas those at the 75th percentile could face bills up to $5,075. The 90th percentile sees even steeper taxes, reaching $6,876. The highest and lowest median tax bills in the area are both recorded at $3,541 in the 62001 zip code. These property tax rates can have a substantial impact on homeowners, affecting their overall housing affordability and monthly budget. High property taxes may deter potential buyers, while also influencing long-term residents' decisions about maintaining or upgrading their homes.
Average Alhambra Tax Bill
$3,541
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alhambra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62001 | $1,229 | $2,201 | $3,541 | $5,075 | $6,876 |
Source: Ownwell