Vergennes, Illinois Property Taxes
The median property tax rate in Vergennes, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Vergennes at $79,468, the typical annual property tax bill reaches $1,550, exceeding the national median of $2,690. Property taxes in Vergennes 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 Vergennes'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 Vergennes 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
Vergennes, 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 Vergennes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vergennes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vergennes 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 Vergennes, Illinois
Property taxes in Vergennes, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vergennes is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Vergennes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vergennes 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 Vergennes's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62994 zip code has the highest median property tax rate of 1.95%, while the 62994 zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Vergennes provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vergennes Tax Rate
1.95%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vergennes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62994 | 0.97% | 1.63% | 1.95% | 2.26% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Vergennes, Illinois
In Vergennes, 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 Jackson 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 Vergennes, 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 Vergennes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62994 has both the highest and lowest median tax bill in the area, with a median tax bill of $1550.
Average Vergennes Assessed Value
$79,468
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vergennes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62994 | $21,856 | $47,960 | $79,468 | $125,360 | $188,781 |
Source: Ownwell
Property Tax Bills Across Vergennes, Illinois
In Vergennes, located in Jackson County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Vergennes is $79,468. Property taxes in this area are influenced by several factors, including local government budgets, school district funding, and public services. Homeowners in Vergennes can expect their tax bills to fall within a range, with the 25th percentile at $874 and the 75th percentile reaching up to $2,454. For those at the higher end, the 90th percentile tax bill can be as high as $3,843. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. For homeowners, these taxes are a significant consideration, impacting overall housing affordability and the cost of maintaining property ownership. In Jackson County, the highest and lowest median tax bills are both $1,550, indicating a relatively narrow range of variation within the area.
Average Vergennes Tax Bill
$1,550
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Vergennes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62994 | $356 | $874 | $1,550 | $2,454 | $3,843 |
Source: Ownwell