Wood River, Illinois Property Taxes
The median property tax rate in Wood River, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wood River, the typical annual property tax bill reaches $1,937, falling below the national median of $2,690. Property taxes in Wood River 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 Wood River'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 Wood River 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
Wood River, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$2,019
$1,973
Ownwell’s Wood River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood River 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 Wood River, Illinois
Property taxes in Wood River, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wood River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River 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 Wood River's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62095 has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these figures compare with Wood River provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wood River Tax Rate
2.31%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | 1.32% | 1.80% | 2.31% | 2.56% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Wood River, Illinois
In Wood River, 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 Madison 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 Wood River, 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. The zip code with the highest and lowest median tax bill in Wood River is 62095, with a median tax bill of $1,937. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood River Assessed Value
$87,417
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $53,724 | $69,489 | $87,417 | $113,513 | $152,979 |
Source: Ownwell
Property Tax Bills Across Wood River, Illinois
Property tax bills in Wood River, located in Madison County, IL, are calculated based on the assessed value of the property. The local assessor determines the property's assessed value, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Wood River can expect their property tax bills to vary significantly. For instance, a tax bill in the 25th percentile is around $1,403, while those in the 75th percentile can be as high as $2,576. The highest tax bills, in the 90th percentile, reach $3,412. The median home price in Wood River is $87,417, and the property tax rate in Madison County is relatively high compared to the national median of 0.99%. These taxes are crucial for funding local services but can significantly impact homeowners' budgets.
Average Wood River Tax Bill
$1,937
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $894 | $1,403 | $1,937 | $2,576 | $3,412 |
Source: Ownwell