Illiopolis, Illinois Property Taxes
The median property tax rate in Illiopolis, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Illiopolis at $139,650, the typical annual property tax bill reaches $2,973, exceeding the national median of $2,690. Property taxes in Illiopolis 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 Illiopolis'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 Illiopolis 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
Illiopolis, 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 Illiopolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Illiopolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Illiopolis 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 Illiopolis, Illinois
Property taxes in Illiopolis, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Illiopolis is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Illiopolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Illiopolis 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 Illiopolis's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62539 has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Illiopolis provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Illiopolis Tax Rate
2.33%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Illiopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62539 | 1.96% | 2.13% | 2.33% | 2.68% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Illiopolis, Illinois
In Illiopolis, 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 Macon 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 Illiopolis, 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 Illiopolis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, in Macon County, the median home price is $139,650, with tax bills ranging from $2,505 at the 25th percentile to $8,521 at the 90th percentile. The zip code 62539 has the highest and lowest median tax bill, both at $2,973.
Average Illiopolis Assessed Value
$139,650
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Illiopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62539 | $109,907 | $119,236 | $139,650 | $188,628 | $342,366 |
Source: Ownwell
Property Tax Bills Across Illiopolis, Illinois
In Illiopolis, Macon County, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Illiopolis is $139,650. Local tax authorities determine the assessed value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. For example, the national median property tax rate is 0.99%, but local rates can vary. In Illiopolis, homeowners can expect tax bills to range significantly. The 25th percentile tax bill is $2,505, while the 75th percentile tax bill rises to $4,918, and at the 90th percentile, it can reach as high as $8,521. This variation in tax bills can affect homeowners differently, depending on their property’s assessed value and the specific tax rate applied. The highest and lowest median tax bill in the 62539 zip code is $2,973, reflecting the uniformity in tax assessments within this area. These property taxes fund essential local services, including schools, infrastructure, and public safety, directly impacting the community's quality of life.
Average Illiopolis Tax Bill
$2,973
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Illiopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62539 | $2,283 | $2,505 | $2,973 | $4,918 | $8,521 |
Source: Ownwell