Equality, Illinois Property Taxes
The median property tax rate in Equality, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Equality at $66,567, the typical annual property tax bill reaches $2,518, just below the national median of $2,690. Property taxes in Equality 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 Equality'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 Equality or another part of Saline County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Equality, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$1,504
$1,470
Ownwell’s Equality Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Equality with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Equality 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 Equality, Illinois
Property taxes in Equality, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Equality is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Equality set these rates annually, and they can vary considerably across different neighborhoods. Each year, Equality 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 Equality's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62934 zip code has the highest median property tax rate of 2.26%, while the 62934 zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Equality provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Equality Tax Rate
2.26%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Equality, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | 1.52% | 2.03% | 2.26% | 3.22% | 4.59% |
Source: Ownwell
Property Tax Assessment Values Across Equality, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Equality, 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 Saline 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 Equality, 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 Equality helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Equality, the highest and lowest median tax bills are both reported at $2,518 in the 62934 zip code.
Average Equality Assessed Value
$66,567
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Equality, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | $14,148 | $25,582 | $66,567 | $135,396 | $201,630 |
Source: Ownwell
Property Tax Bills Across Equality, Illinois
In Equality, located in Saline County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Equality, the median home price is $66,567. The tax bills can vary significantly, with the 25th percentile at $1,106 and the 75th percentile at $3,111. The tax bill at the 90th percentile reaches up to $4,730. Despite the variations, the highest and lowest median tax bills in the area are both recorded at $2,518 in the zip code 62934. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how local rates impact homeowners. High property taxes can affect affordability and overall financial planning for residents, making it essential for homeowners to stay informed about their property tax obligations.
Average Equality Tax Bill
$2,518
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Equality, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62934 | $642 | $1,106 | $2,518 | $3,111 | $4,730 |
Source: Ownwell