Nokomis, Illinois Property Taxes
The median property tax rate in Nokomis, IL is 2.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Nokomis at $170,262, the typical annual property tax bill reaches $3,692, exceeding the national median of $2,690. Property taxes in Nokomis 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 Nokomis'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 Nokomis 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
Nokomis, 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 Nokomis Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Nokomis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nokomis to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Nokomis, Illinois
Property taxes in Nokomis, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nokomis is 2.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nokomis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nokomis 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 Nokomis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62075 zip code has the highest median property tax rate of 2.17%, while the same zip code also has the lowest median tax rate of 2.17%. Understanding how these cities compare with Nokomis provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nokomis Tax Rate
2.17%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | 2.17% | 2.17% | 2.17% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Nokomis, Illinois
In Nokomis, 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 local appraisal authorities 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 Nokomis, 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 Nokomis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62075 in Nokomis has both the highest and lowest median tax bill at $3,692, reflecting the uniformity in property tax assessments within this area.
Average Nokomis Assessed Value
$170,262
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | $170,262 | $170,262 | $170,262 | $170,262 | $170,262 |
Source: Ownwell
Property Tax Bills Across Nokomis, Illinois
In Nokomis, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. The tax rate, set by various taxing authorities within Fayette County, is then applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. For homeowners in Nokomis, the median home price is $170,262, leading to a median property tax bill of $3,692. This is significantly higher than the national median property tax rate of 0.99%. The uniformity in tax bills, with the 25th, 75th, and 90th percentiles all at $3,692, suggests a consistent application of tax rates across properties. High property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and long-term financial planning.
Average Nokomis Tax Bill
$3,692
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | $3,692 | $3,692 | $3,692 | $3,692 | $3,692 |
Source: Ownwell