Valmeyer, Illinois Property Taxes
The median property tax rate in Valmeyer, IL is 1.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $157,800 in Valmeyer, the typical annual property tax bill reaches $2,960, exceeding the national median of $2,690. Property taxes in Valmeyer 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 Valmeyer'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 Valmeyer or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Valmeyer, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$3,014
$2,945
Ownwell’s Valmeyer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Valmeyer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Valmeyer 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 Valmeyer, Illinois
Property taxes in Valmeyer, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Valmeyer is 1.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Valmeyer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Valmeyer 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 Valmeyer's effective property tax rate to other areas and the national median. For comparison, the ZIP code 62295 has the highest median property tax rate of 1.91%, while the same ZIP code also has the lowest median tax rate of 1.91%. Understanding how these figures compare with Valmeyer provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Valmeyer Tax Rate
1.91%
Average Monroe County Tax Rate
1.91%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Valmeyer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62295 | 1.46% | 1.81% | 1.91% | 2.02% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Valmeyer, Illinois
In Valmeyer, 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 Monroe 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 Valmeyer, 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 Valmeyer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62295 has the highest and lowest median tax bill, both at $2,960, with the 25th percentile tax bill at $2,095 and the 75th percentile tax bill at $3,513.
Average Valmeyer Assessed Value
$157,800
Average Monroe County Assessed Value
$218,520
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Valmeyer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62295 | $65,415 | $119,932 | $157,800 | $181,972 | $213,444 |
Source: Ownwell
Property Tax Bills Across Valmeyer, Illinois
In Valmeyer, Monroe County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $157,800, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. In this region, the tax bill can range significantly, with the 25th percentile at $2,095 and the 75th percentile at $3,513. The highest median tax bill recorded in the area is $2,960. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding how property tax bills are calculated helps homeowners in Valmeyer plan their finances and anticipate annual expenses related to their property.
Average Valmeyer Tax Bill
$2,960
Average Monroe County Tax Bill
$3,972
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Valmeyer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62295 | $959 | $2,095 | $2,960 | $3,513 | $4,164 |
Source: Ownwell