Illinois City, Illinois Property Taxes
The median property tax rate in Illinois City, IL is 2.25%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Illinois City, the typical annual property tax bill reaches $3,577, exceeding the national median of $2,690. Property taxes in Illinois City 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 Illinois City'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 Illinois City 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
Illinois City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.25%
Estimate Property Tax Bill
$3,975
$3,884
Ownwell’s Illinois City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Illinois City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Illinois City 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 Illinois City, Illinois
Property taxes in Illinois City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Illinois City is 2.25%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Illinois City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Illinois City 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 Illinois City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61259 zip code has both the highest and the lowest median property tax rate of 2.25%. Understanding how these cities compare with Illinois City provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Illinois City Tax Rate
2.25%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | 1.87% | 2.04% | 2.25% | 2.41% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Illinois City, Illinois
In Illinois City, 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 Mercer County 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. 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 Illinois City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Illinois City are both $3,577, found in the 61259 zip code.
Average Illinois City Assessed Value
$176,670
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | $126,510 | $151,426 | $176,670 | $264,048 | $352,305 |
Source: Ownwell
Property Tax Bills Across Illinois City, Illinois
In Illinois City, located in Mercer County, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $176,670, the assessed value is used to calculate the tax bill. The tax rate in this region is then applied to this assessed value to determine the final tax bill. Factors such as property location, market conditions, and improvements to the property can influence the assessed value. Homeowners in Illinois City can expect their property tax bills to vary significantly. For example, tax bills at the 25th percentile are around $2,826, while those at the 75th percentile can reach up to $6,100. At the 90th percentile, tax bills can soar to $8,163. This variability highlights the importance of understanding local property tax assessments and how they impact overall homeowner expenses.
Average Illinois City Tax Bill
$3,577
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | $2,234 | $2,826 | $3,577 | $6,100 | $8,163 |
Source: Ownwell