Walshville, Illinois Property Taxes
The median property tax rate in Walshville, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Walshville at $104,360, the typical annual property tax bill reaches $2,466, slightly below the national median of $2,690. Property taxes in Walshville 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 Walshville'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 Walshville 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
Walshville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$2,484
$2,427
Ownwell’s Walshville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walshville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walshville 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 Walshville, Illinois
Property taxes in Walshville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walshville is 2.38%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walshville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walshville 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 Walshville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62091 zip code has the highest median property tax rate of 2.38%, while the same zip code also has the lowest median tax rate of 2.38%. Understanding how these cities compare with Walshville provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walshville Tax Rate
2.38%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walshville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62091 | 0.99% | 1.88% | 2.38% | 2.66% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Walshville, Illinois
In Walshville, 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 Montgomery 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 Walshville, 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 Walshville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62091 has the highest and lowest median tax bill, both at $2,466.
Average Walshville Assessed Value
$104,360
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walshville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62091 | $26,259 | $61,369 | $104,360 | $152,708 | $200,805 |
Source: Ownwell
Property Tax Bills Across Walshville, Illinois
In Walshville, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, the median home price in Walshville is $104,360. Various factors such as property size, location, and improvements can influence the assessed value. In Montgomery County, property tax bills can vary significantly. For example, the 25th percentile tax bill is $1,038, while the 75th percentile tax bill is $3,646. At the higher end, the 90th percentile tax bill reaches $5,318. The highest and lowest median tax bills are both reported at $2,466 in the zip code 62091, suggesting a relatively uniform tax rate across the area. Compared to the national median property tax rate of 0.99%, homeowners in Walshville may experience higher or lower tax bills depending on their property's assessed value and the local tax rate. This variability can significantly impact homeowners' annual financial planning.
Average Walshville Tax Bill
$2,466
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walshville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62091 | $579 | $1,038 | $2,466 | $3,646 | $5,318 |
Source: Ownwell