South Wilmington, Illinois Property Taxes
The median property tax rate in South Wilmington, IL is 2.86%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Wilmington, the typical annual property tax bill reaches $2,300, slightly below the national median of $2,690. Property taxes in South Wilmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Wilmington'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 South Wilmington 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
South Wilmington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$2,302
$2,250
Ownwell’s South Wilmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Wilmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Wilmington 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 South Wilmington, Illinois
Property taxes in South Wilmington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Wilmington is 2.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within South Wilmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Wilmington 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 South Wilmington's effective property tax rate to other areas in Illinois and the national median. For comparison, the 60474 zip code has the highest median property tax rate of 2.86%, while the same 60474 zip code also has the lowest median tax rate of 2.86%. Understanding how these areas compare with South Wilmington provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Wilmington Tax Rate
2.86%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | 2.83% | 2.86% | 2.86% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across South Wilmington, Illinois
In South Wilmington, 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 Grundy County Assessor 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 South Wilmington, 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. For instance, the median home price in South Wilmington is $80,480, with tax bills ranging from $1,079 at the 25th percentile to $4,486 at the 90th percentile. The highest and lowest median tax bills are both $2,300 in the 60474 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Wilmington, Illinois
Source: Ownwell
$3,279
$113,441
$223,602
Average South Wilmington Assessed Value
$80,480
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $21,741 | $37,754 | $80,480 | $113,175 | $156,965 |
Source: Ownwell
Property Tax Bills Across South Wilmington, Illinois
In South Wilmington, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The local assessment authority evaluates the market value and then applies an assessment ratio to determine the assessed value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location within Grundy County, the assessed value, and the local tax rate. Homeowners in South Wilmington can expect their tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $1,079, while those at the 75th percentile reach approximately $3,235. At the 90th percentile, homeowners might see tax bills as high as $4,486. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparing this to the national median property tax rate of 0.99%, South Wilmington's tax rates reflect the local economic and governmental priorities.
Average South Wilmington Tax Bill
$2,300
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60474 | $621 | $1,079 | $2,300 | $3,235 | $4,486 |
Source: Ownwell