Tallula, Illinois Property Taxes
The median property tax rate in Tallula, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tallula at $110,733, the typical annual property tax bill reaches $2,681, closely aligning with the national median of $2,690. Property taxes in Tallula 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 Tallula'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 Tallula or another part of Menard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tallula, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$2,757
$2,694
Ownwell’s Tallula Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tallula with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tallula 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 Tallula, Illinois
Property taxes in Tallula, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tallula is 1.73%, higher than both the Illinois state median of 2.05% and the U.S. national median of 0.99%. Local government entities within Tallula set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tallula 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 Tallula's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in Illinois is 2.05%, while the lowest median tax rate is 1.73%. Understanding how these cities compare with Tallula provides valuable insights into the varying tax landscape across Menard, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tallula Tax Rate
2.49%
Average Menard County Tax Rate
2.40%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tallula, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62688 | 2.39% | 2.45% | 2.49% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Tallula, Illinois
In Tallula, 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 Menard 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 Tallula, 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. The median home price in Tallula is $110,733, with tax bills ranging from $715 at the 25th percentile to $8,196 at the 90th percentile. 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 Tallula helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tallula Assessed Value
$110,733
Average Menard County Assessed Value
$80,994
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tallula, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62688 | $9,034 | $29,578 | $110,733 | $236,816 | $328,310 |
Source: Ownwell
Property Tax Bills Across Tallula, Illinois
In Tallula, located in Menard County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. Typically, the assessed value is a percentage of the market value of the property. Various factors such as property size, location, and improvements can influence this valuation. Once the assessed value is established, local tax rates, which can vary by jurisdiction, are applied to determine the final tax bill. For homeowners in Tallula, the property tax bill can significantly impact household budgets. The median home price in the area is $110,733, and property tax bills can range widely. For instance, the tax bill at the 25th percentile is $715, while at the 75th percentile, it reaches $5,363. At the 90th percentile, it can go up to $8,196. These figures indicate a broad spectrum of property tax liabilities, which can be influenced by the specific characteristics and assessed value of each property. The highest and lowest median tax bill in the area both stand at $2,681, reflecting some uniformity in certain zones.
Average Tallula Tax Bill
$2,681
Average Menard County Tax Bill
$1,844
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tallula, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62688 | $218 | $715 | $2,681 | $5,363 | $8,196 |
Source: Ownwell