Palestine, Illinois Property Taxes
The median property tax rate in Palestine, IL is 2.62%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Palestine at $97,580, the typical annual property tax bill reaches $2,526, which is below the national median of $2,690. Property taxes in Palestine 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 Palestine'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 Palestine 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
Palestine, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$2,557
$2,498
Ownwell’s Palestine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palestine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palestine 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 Palestine, Illinois
Property taxes in Palestine, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palestine is 2.62%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palestine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palestine 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 Palestine's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62451 zip code has both the highest and lowest median property tax rate of 2.62%. Understanding how these areas compare with Palestine provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palestine Tax Rate
2.62%
Average Crawford County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palestine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62451 | 1.92% | 2.25% | 2.62% | 3.07% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Palestine, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Palestine, Illinois. The market value represents 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 Crawford 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 Palestine, 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 Palestine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2,526, found in the 62451 zip code.
Average Palestine Assessed Value
$97,580
Average Crawford County Assessed Value
$84,633
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palestine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62451 | $32,337 | $53,527 | $97,580 | $171,976 | $223,087 |
Source: Ownwell
Property Tax Bills Across Palestine, Illinois
In Palestine, located in Crawford 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 annual tax bill. For instance, with a median home price of $97,580, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,541, while those in the 75th percentile see bills closer to $4,532. The top 10% of tax bills reach approximately $5,921. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions. High property taxes can impact homeowners by increasing the overall cost of owning a home, affecting both monthly budgets and long-term financial planning. In comparison to the national median property tax rate of 0.99%, the rates in Palestine can be seen as relatively high, reflecting the local economic and policy factors at play.
Average Palestine Tax Bill
$2,526
Average Crawford County Tax Bill
$1,940
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Palestine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62451 | $954 | $1,541 | $2,526 | $4,532 | $5,921 |
Source: Ownwell