Karnak, Illinois Property Taxes
The median property tax rate in Karnak, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Karnak, the typical annual property tax bill reaches $1,338, which is below the national median of $2,690. Property taxes in Karnak are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Karnak'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 Karnak 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
Karnak, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.15%
Estimate Property Tax Bill
$1,613
$1,576
Ownwell’s Karnak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Karnak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Karnak 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 Karnak, Illinois
Property taxes in Karnak, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Karnak is 2.15%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Karnak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Karnak 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 Karnak's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62956 has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Karnak provides valuable insights into the varying tax landscape across Massac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Karnak Tax Rate
2.15%
Average Massac County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Karnak, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62956 | 1.19% | 1.64% | 2.15% | 2.83% | 4.89% |
Source: Ownwell
Property Tax Assessment Values Across Karnak, Illinois
In Karnak, 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 Massac 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 Karnak, 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 Karnak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Karnak is $75,008, with the 25th percentile tax bill at $856 and the 75th percentile at $2,348. The highest and lowest median tax bills both stand at $1,338 in the 62956 zip code. Understanding these figures can help homeowners anticipate their financial obligations and explore ways to reduce their property tax bills.
Average Karnak Assessed Value
$75,008
Average Massac County Assessed Value
$60,801
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Karnak, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62956 | $11,515 | $31,488 | $75,008 | $110,906 | $146,520 |
Source: Ownwell
Property Tax Bills Across Karnak, Illinois
In Karnak, located in Massac County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, determined by local assessors. For instance, if the median home price in Karnak is $75,008, the assessed value would be a fraction of this amount. The tax rate is applied to this assessed value to determine the annual tax bill. For homeowners in Karnak, tax bills can vary significantly. At the 25th percentile, a typical tax bill is around $856, while at the 75th percentile, it can reach up to $2,348. The highest tax bills, at the 90th percentile, can go as high as $3,325. These figures illustrate how property taxes can impact household budgets differently, depending on the assessed value and the corresponding tax rate. Compared to the national median property tax rate of 0.99%, Karnak's property tax landscape shows a broad range that homeowners need to navigate.
Average Karnak Tax Bill
$1,338
Average Massac County Tax Bill
$1,443
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Karnak, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62956 | $268 | $856 | $1,338 | $2,348 | $3,325 |
Source: Ownwell