Altona, Illinois Property Taxes
The median property tax rate in Altona, IL is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Altona, the typical annual property tax bill reaches $1,877, falling below the national median of $2,690. Property taxes in Altona 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 Altona'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 Altona or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Altona, 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 Altona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altona 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 Altona, Illinois
Property taxes in Altona, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altona is 2.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Altona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altona 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 Altona's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61414 has the highest median property tax rate of 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these areas compare with Altona provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altona Tax Rate
2.29%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | 0.28% | 1.75% | 2.29% | 2.66% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Altona, Illinois
In Altona, 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 Knox 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 Altona, 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 Altona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61414, with a value of $1,877.
Average Altona Assessed Value
$80,325
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | $39,348 | $51,742 | $80,325 | $120,472 | $396,372 |
Source: Ownwell
Property Tax Bills Across Altona, Illinois
In Altona, located in Knox County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Altona is $80,325. Property taxes are influenced by various factors, including local government budgets, school district funding needs, and other municipal services. The tax rate in this region is compared to the national median property tax rate of 0.99%. For homeowners in Altona, the property tax bill can vary significantly. The 25th percentile tax bill is $1,127, while the 75th percentile tax bill climbs to $2,893. At the higher end, the 90th percentile tax bill reaches $5,057. Notably, the median tax bill in the area is $1,877, which is the same across all zip codes in Altona. These taxes fund essential services such as public education, infrastructure maintenance, and emergency services, directly impacting the quality of life for residents. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Altona Tax Bill
$1,877
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Altona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61414 | $683 | $1,127 | $1,877 | $2,893 | $5,057 |
Source: Ownwell