Ashkum, Illinois Property Taxes
The median property tax rate in Ashkum, IL is 2.39%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $148,575 in Ashkum, the typical annual property tax bill reaches $3,265, surpassing the national median of $2,690. Property taxes in Ashkum are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ashkum'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 Ashkum 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
Ashkum, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$3,551
$3,470
Ownwell’s Ashkum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ashkum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ashkum 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 Ashkum, Illinois
Property taxes in Ashkum, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashkum is 2.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ashkum set these rates annually, and they can vary across different neighborhoods. Each year, Ashkum 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 Ashkum's effective property tax rate to other areas in Iroquois County and the national median. For comparison, the zip code 60911 has both the highest and lowest median property tax rate of 2.39%. Understanding how these areas compare with Ashkum provides valuable insights into the varying tax landscape across Iroquois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ashkum Tax Rate
2.39%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | 1.74% | 2.02% | 2.39% | 2.73% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Ashkum, Illinois
In Ashkum, 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 Iroquois County Assessment 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 Ashkum, 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 Ashkum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,265, found in the 60911 zip code, which also has the lowest median tax bill of $3,265.
Average Ashkum Assessed Value
$148,575
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | $40,073 | $74,876 | $148,575 | $200,381 | $271,568 |
Source: Ownwell
Property Tax Bills Across Ashkum, Illinois
In Ashkum, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. Factors that influence the tax bill include the property's market value, local tax levies, and any applicable exemptions or deductions. For instance, the median home price in Ashkum is $148,575, and property tax bills can vary significantly. Homeowners at the 25th percentile pay around $1,768, while those at the 75th percentile face bills of approximately $5,187. At the 90th percentile, the tax bill can reach up to $7,059. These tax bills impact homeowners by affecting their annual expenses and potentially influencing their decisions regarding property investments. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values can lead to varying financial obligations for homeowners.
Average Ashkum Tax Bill
$3,265
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | $1,096 | $1,768 | $3,265 | $5,187 | $7,059 |
Source: Ownwell