Kilbourne, Illinois Property Taxes
The median property tax rate in Kilbourne, IL is 2.93%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kilbourne, the typical annual property tax bill reaches $2,100, which is below the national median of $2,690. Property taxes in Kilbourne 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 Kilbourne'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 Kilbourne 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
Kilbourne, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$2,342
$2,289
Ownwell’s Kilbourne Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kilbourne with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Kilbourne to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, you can scroll down for more localized information. Your property’s assessed value is the value assigned by Mason County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Kilbourne, Illinois
Property taxes in Kilbourne, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kilbourne is 2.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Kilbourne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kilbourne 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 Kilbourne's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62655 has the highest median property tax rate of 2.93%, while the same zip code also has the lowest median tax rate of 2.93%. Understanding how these areas compare with Kilbourne provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kilbourne Tax Rate
2.93%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kilbourne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62655 | 2.24% | 2.66% | 2.93% | 3.36% | 3.94% |
Source: Ownwell
Property Tax Assessment Values Across Kilbourne, Illinois
In Kilbourne, 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 Mason 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 Kilbourne, 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 Kilbourne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62655, with a median bill of $2,100, which is significantly above the national median property tax rate of 0.99%.
Average Kilbourne Assessed Value
$79,932
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kilbourne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62655 | $18,593 | $42,088 | $79,932 | $124,899 | $179,595 |
Source: Ownwell
Property Tax Bills Across Kilbourne, Illinois
In Kilbourne, located in Mason County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the home's market value, reflecting its worth in the current real estate market. The tax rate is then applied to this assessed value to determine the annual tax bill. Various factors, such as property size, location, and improvements, play a role in the assessment process. Homeowners in Kilbourne can expect property tax bills to vary significantly. For example, the 25th percentile tax bill is around $1,214, while the 75th percentile tax bill reaches approximately $3,735. At the 90th percentile, tax bills can go up to $5,040. The median home price in Kilbourne is $79,932, which influences these tax amounts. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local assessments and tax rates impact their financial obligations. These property taxes fund essential public services, including schools, infrastructure, and emergency services, directly affecting the community's quality of life.
Average Kilbourne Tax Bill
$2,100
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kilbourne, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62655 | $561 | $1,214 | $2,100 | $3,735 | $5,040 |
Source: Ownwell