Panola, Illinois Property Taxes
The median property tax rate in Panola, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Panola, the typical annual property tax bill reaches $2,731, exceeding the national median of $2,690. Property taxes in Panola 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 Panola'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 Panola 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
Panola, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$2,740
$2,677
Ownwell’s Panola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Panola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panola 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 Panola, Illinois
Property taxes in Panola, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panola is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Panola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panola 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 Panola's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61738 zip code has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Panola provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panola Tax Rate
2.39%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 2.04% | 2.18% | 2.39% | 2.69% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Panola, Illinois
In Panola, 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 Woodford County Assessor's Office 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 Panola, 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 Panola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $2731 in zip code 61738, while the lowest is also $2731 in the same zip code.
Average Panola Assessed Value
$114,630
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $9,043 | $49,998 | $114,630 | $166,908 | $185,101 |
Source: Ownwell
Property Tax Bills Across Panola, Illinois
In Panola, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the tax bill. In Panola, located in Woodford County, the median home price is $114,630. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $1,159 and the 75th percentile tax bill reaching up to $3,938. At the 90th percentile, tax bills can go as high as $4,479. These tax bills are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Panola may find their tax bills to be relatively high or low depending on their specific circumstances. Understanding these elements is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Panola Tax Bill
$2,731
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Panola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $256 | $1,159 | $2,731 | $3,938 | $4,479 |
Source: Ownwell