Washington, Illinois Property Taxes
The median property tax rate in Washington, IL is 2.64%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Washington, the typical annual property tax bill reaches $3,995, surpassing the national median of $2,690. Property taxes in Washington 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 Washington'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 Washington 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
Washington, 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 Washington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washington 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 Washington, Illinois
Property taxes in Washington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washington is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Washington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washington 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 Washington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61571 zip code has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Washington provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washington Tax Rate
2.64%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61571 | 2.12% | 2.42% | 2.64% | 2.86% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Washington, Illinois
In Washington, 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 Tazewell 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 Washington, 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 Washington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Washington is $3,995 in the 61571 zip code, which is the same as the lowest median tax bill in the area.
Average Washington Assessed Value
$153,450
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61571 | $83,550 | $107,580 | $153,450 | $235,920 | $316,062 |
Source: Ownwell
Property Tax Bills Across Washington, Illinois
In Washington, Tazewell County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in this area see a range of property tax bills, influenced by various factors including property size, location, and improvements. For instance, the median home price in Washington is $153,450, which serves as a baseline for calculating the assessed value. Once the assessed value is determined, local tax rates are applied. These rates can vary within the county, leading to different tax bills even for properties with similar assessed values. The 25th percentile tax bill in Washington is $2,664, while the 75th percentile reaches $6,382, and the 90th percentile can be as high as $8,696. This variation significantly impacts homeowners, as higher property taxes can increase the overall cost of owning a home. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and assessments can differ widely across the country.
Average Washington Tax Bill
$3,995
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Washington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61571 | $1,943 | $2,664 | $3,995 | $6,382 | $8,696 |
Source: Ownwell