Wood River, Illinois Property Taxes
The median property tax rate in Wood River, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wood River, the typical annual property tax bill reaches $2,043, which is below the national median of $2,690. Property taxes in Wood River 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 Wood River'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 Wood River 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
Wood River, 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 Wood River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood River 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 Wood River, Illinois
Property taxes in Wood River, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wood River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River 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 Wood River's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62095 has the highest median property tax rate of 2.54%, while it also represents the lowest median tax rate of 2.54%. Understanding how these cities compare with Wood River provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood River Tax Rate
2.54%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | 2.54% | 2.54% | 2.54% | 2.54% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Wood River, Illinois
In Wood River, 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 Calhoun 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 Wood River, 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 median home price in Wood River is $80,568, and the median tax bill is $2,043. 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 Wood River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood River Assessed Value
$80,568
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $80,568 | $80,568 | $80,568 | $80,568 | $80,568 |
Source: Ownwell
Property Tax Bills Across Wood River, Illinois
In Wood River, IL, located in Calhoun County, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Wood River is $80,568. Property taxes are then applied to this assessed value to determine the tax bill. In Wood River, the median property tax bill is $2,043, which is significantly higher than the national median property tax rate of 0.99%. This means homeowners in Wood River pay a substantial amount in property taxes relative to the value of their homes. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services. For homeowners, this means that while property taxes can be a significant expense, they also contribute to the overall quality of life in the community. Understanding how these taxes are calculated can help homeowners plan better and seek potential exemptions to reduce their tax burden.
Average Wood River Tax Bill
$2,043
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $2,043 | $2,043 | $2,043 | $2,043 | $2,043 |
Source: Ownwell