Iuka, Illinois Property Taxes
The median property tax rate in Iuka, IL is 1.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Iuka, the typical annual property tax bill reaches $1,248, which is lower than the national median of $2,690. Property taxes in Iuka 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 Iuka'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 Iuka or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iuka, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,442
$1,409
Ownwell’s Iuka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iuka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iuka 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 Iuka, Illinois
Property taxes in Iuka, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iuka is 1.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Iuka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iuka 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 Iuka's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62849 zip code has the highest median property tax rate of 1.81%, while the same zip code also has the lowest median tax rate of 1.81%. Understanding how these areas compare with Iuka provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iuka Tax Rate
1.81%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iuka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62849 | 0.68% | 1.29% | 1.81% | 2.11% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Iuka, Illinois
In Iuka, 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 local 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 Iuka, 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 Iuka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Marion County is $1,248 in zip code 62849, which is also the lowest median tax bill in the county.
Average Iuka Assessed Value
$79,641
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iuka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62849 | $20,588 | $39,615 | $79,641 | $135,036 | $198,229 |
Source: Ownwell
Property Tax Bills Across Iuka, Illinois
In Iuka, IL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, in Marion County, the median home price is $79,641. Homeowners in the 25th percentile pay around $513 in property taxes, while those in the 75th percentile face bills of approximately $2,535. The top 10% of homeowners can see tax bills as high as $4,060. Factors such as property improvements, neighborhood developments, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Marion County's rates can vary significantly, impacting homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners to anticipate their tax obligations and manage their finances accordingly.
Average Iuka Tax Bill
$1,248
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Iuka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62849 | $183 | $513 | $1,248 | $2,535 | $4,060 |
Source: Ownwell