Waltonville, Illinois Property Taxes
The median property tax rate in Waltonville, IL is 1.71%, considerably higher than the national median of 0.99%, yet lower than the Illinois state median of 2.35%. With a median home value of $55,413 in Waltonville, the typical annual property tax bill reaches $779, which is significantly below the national median of $2,690. Property taxes in Waltonville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Waltonville'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 Waltonville or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waltonville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$948
$926
Ownwell’s Waltonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waltonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waltonville 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 Waltonville, Illinois
Property taxes in Waltonville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waltonville is 1.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Waltonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waltonville 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 Waltonville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62894 zip code has the highest median property tax rate of 1.71%, while the 62894 zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Waltonville provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waltonville Tax Rate
1.71%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waltonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62894 | 0.64% | 1.24% | 1.71% | 1.99% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Waltonville, Illinois
In Waltonville, 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 Jefferson 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 Waltonville, 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 Waltonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Waltonville is $779, found in the 62894 zip code.
Average Waltonville Assessed Value
$55,413
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waltonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62894 | $10,356 | $23,369 | $55,413 | $109,692 | $159,078 |
Source: Ownwell
Property Tax Bills Across Waltonville, Illinois
In Waltonville, Jefferson County, IL, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value is a percentage of the market value of the property, and this figure is then multiplied by the local tax rate to determine your annual tax bill. For instance, with a median home price of $55,413, homeowners can expect a range of tax bills depending on their specific property value and applicable exemptions. Factors such as the location within Jefferson County, property type, and any eligible exemptions play a crucial role in determining the final tax bill. Homeowners in Waltonville can see tax bills ranging from the 25th percentile at $292 to the 75th percentile at $1,715, with the 90th percentile reaching up to $2,735. Compared to the national median property tax rate of 0.99%, these figures highlight the variability and potential impact on household budgets, emphasizing the importance of understanding local property tax assessments and exemptions.
Average Waltonville Tax Bill
$779
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Waltonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62894 | $125 | $292 | $779 | $1,715 | $2,735 |
Source: Ownwell