Elizabeth, Illinois Property Taxes
The median property tax rate in Elizabeth, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elizabeth at $91,230, the typical annual property tax bill reaches $2,335, slightly below the national median of $2,690. Property taxes in Elizabeth 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 Elizabeth'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 Elizabeth 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
Elizabeth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$2,354
$2,300
Ownwell’s Elizabeth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabeth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabeth 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 Elizabeth, Illinois
Property taxes in Elizabeth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabeth is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elizabeth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabeth 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 Elizabeth's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61028 zip code has the highest median property tax rate of 2.58%, while the 61028 zip code also has the lowest median tax rate of 2.58%. Understanding how these areas compare with Elizabeth provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elizabeth Tax Rate
2.58%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabeth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61028 | 2.00% | 2.44% | 2.58% | 2.58% | 10.00% |
Source: Ownwell
Property Tax Assessment Values Across Elizabeth, Illinois
In Elizabeth, 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 Jo Daviess 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 Elizabeth, 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. Elizabeth has a median home price of $91,230. The annual tax bill ranges from $1,265 at the 25th percentile to $4,549 at the 75th percentile, with the highest median tax bill being $2,335 in the 61028 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elizabeth Assessed Value
$91,230
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elizabeth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61028 | $16,167 | $27,078 | $91,230 | $127,453 | $193,602 |
Source: Ownwell
Property Tax Bills Across Elizabeth, Illinois
In Elizabeth, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the county's tax assessor. The assessed value is a percentage of the property's market value, and in Jo Daviess County, this rate can vary. The property tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location within the county, local tax rates, and any applicable exemptions or deductions. For homeowners in Elizabeth, the median home price is $91,230, with tax bills ranging from $1,265 at the 25th percentile to $5,001 at the 90th percentile. The median tax bill in the area is $2,335, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Elizabeth.
Average Elizabeth Tax Bill
$2,335
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabeth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61028 | $546 | $1,265 | $2,335 | $4,549 | $5,001 |
Source: Ownwell