East Alton, Illinois Property Taxes
The median property tax rate in East Alton, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in East Alton, the typical annual property tax bill reaches $1,990, which is below the national median of $2,690. Property taxes in East Alton 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 East Alton'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 East Alton 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
East Alton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$1,957
$1,912
Ownwell’s EAST ALTON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST ALTON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST ALTON 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 East Alton, Illinois
Property taxes in East Alton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Alton is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within East Alton set these rates annually, and they can vary across different neighborhoods. Each year, East Alton 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 East Alton's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62024 has the highest median property tax rate of 2.09%, while also being the lowest median tax rate of 2.09%. Understanding how these cities compare with East Alton 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 East Alton Tax Rate
2.09%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62024 | 1.30% | 1.72% | 2.09% | 2.97% | 3.58% |
Source: Ownwell
Property Tax Assessment Values Across East Alton, Illinois
In East Alton, 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 Assessor 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 East Alton, 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 East Alton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in East Alton is $93,619, with the highest and lowest median tax bills both being $1,990 in the 62024 zip code.
Average East Alton Assessed Value
$93,619
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 East Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62024 | $41,256 | $61,960 | $93,619 | $128,799 | $166,583 |
Source: Ownwell
Property Tax Bills Across East Alton, Illinois
In East Alton, IL, property tax bills are calculated based on the assessed value of a home, typically a percentage of its market value. The median home price in East Alton is $93,619. Local tax authorities then apply the relevant tax rate to this assessed value. For instance, homeowners in East Alton can expect tax bills to vary significantly, with the lower quartile at around $1,395 and the upper quartile reaching approximately $2,760. The tax bill can go as high as $3,592 for the top 10% of properties. Several factors influence these tax bills, including property size, location, and improvements made to the home. Compared to the national median property tax rate of 0.99%, East Alton's rates reflect the local economic conditions and public service funding needs. Homeowners in this area should be mindful of these factors, as they directly impact their annual financial obligations and the overall cost of homeownership.
Average East Alton Tax Bill
$1,990
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across East Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62024 | $870 | $1,395 | $1,990 | $2,760 | $3,592 |
Source: Ownwell