Preemption, Illinois Property Taxes
The median property tax rate in Preemption, 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 Preemption at $103,635, the typical annual property tax bill reaches $2,582, slightly below the national median of $2,690. Property taxes in Preemption 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 Preemption'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 Preemption 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
Preemption, 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 Preemption Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preemption with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preemption 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 Preemption, Illinois
Property taxes in Preemption, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preemption is 2.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Preemption set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preemption 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 Preemption's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61276 has both the highest and lowest median property tax rate of 2.49%. Understanding how these areas compare with Preemption provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preemption Tax Rate
2.49%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preemption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61276 | 2.34% | 2.38% | 2.49% | 2.50% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Preemption, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Preemption, Illinois. 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 Mercer 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 Preemption, 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 highest median tax bill in the area is $2,582, while the lowest median tax bill is also $2,582, both in zip code 61276. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Preemption Assessed Value
$103,635
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preemption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61276 | $50,469 | $54,990 | $103,635 | $261,441 | $315,295 |
Source: Ownwell
Property Tax Bills Across Preemption, Illinois
In Preemption, located in Mercer County, IL, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. The assessed value is a percentage of the home's market value. For instance, if the median home price in Preemption is $103,635, the assessed value would be a fraction of that amount. This assessed value is then multiplied by the local tax rate to determine the property tax bill. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Preemption can expect a wide range of tax bills. For example, the 25th percentile tax bill is $1,309, while the 75th percentile tax bill reaches $6,348. The highest median tax bill in the area is $2,582, which is significantly above the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners.
Average Preemption Tax Bill
$2,582
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Preemption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61276 | $1,250 | $1,309 | $2,582 | $6,348 | $7,169 |
Source: Ownwell