Tennessee, Illinois Property Taxes
The median property tax rate in Tennessee, Illinois 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 Tennessee, the typical annual property tax bill reaches $621, which is significantly lower than the national median of $2,690. Property taxes in Tennessee 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 Tennessee'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 Tennessee 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
Tennessee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$623
-$6,525
Ownwell’s Tennessee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tennessee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tennessee 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 Tennessee, Illinois
Property taxes in Tennessee, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tennessee is 2.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tennessee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tennessee 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 Tennessee's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62374 zip code 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 cities compare with Tennessee provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tennessee Tax Rate
2.93%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tennessee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62374 | 2.90% | 2.91% | 2.93% | 2.94% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Tennessee, Illinois
In Tennessee, 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 McDonough 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 Tennessee, 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 Tennessee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tennessee are both $621.00, with the zip code 62374 having this value.
Average Tennessee Assessed Value
$21,250
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tennessee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62374 | $19,027 | $19,861 | $21,250 | $22,640 | $23,474 |
Source: Ownwell
Property Tax Bills Across Tennessee, Illinois
In Tennessee, McDonough County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Several factors influence this assessment, including the home's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Homeowners in McDonough County can expect property tax bills to vary. The 25th percentile tax bill is $584, while the 75th percentile tax bill is $658, indicating a range in tax obligations. The highest median tax bill in the area is $621.00, which is also the lowest, highlighting uniformity in tax assessments within the zip code 62374. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them an essential part of community funding.
Average Tennessee Tax Bill
$621
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tennessee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62374 | $562 | $584 | $621 | $658 | $680 |
Source: Ownwell