Alexander, Illinois Property Taxes
The median property tax rate in Alexander, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Alexander, the typical annual property tax bill reaches $49, falling significantly below the national median of $2,690. Property taxes in Alexander 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 Alexander'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 Alexander 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
Alexander, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$863
$843
Ownwell’s Alexander Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alexander with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexander 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 Alexander, Illinois
Property taxes in Alexander, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexander is 2.16%, significantly higher than the U.S. national median of 0.99%. Local government entities within Alexander set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexander 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 Alexander's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62601 has both the highest and lowest median property tax rate of 2.16%. Understanding how these areas compare with Alexander provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexander Tax Rate
2.16%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexander, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62601 | 0.87% | 2.16% | 2.16% | 2.17% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Alexander, Illinois
In Alexander, 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 Morgan County Assessor 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 Alexander, 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 Alexander helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Alexander is $39,960, with tax bills ranging from $18 at the 25th percentile to $1,942 at the 90th percentile.
Average Alexander Assessed Value
$39,960
Average Morgan County Assessed Value
$54,570
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexander, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62601 | $1,290 | $2,280 | $39,960 | $116,310 | $155,946 |
Source: Ownwell
Property Tax Bills Across Alexander, Illinois
In Alexander, located in Morgan County, IL, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value, which is determined by the county assessor. For homeowners in Alexander, the median home price stands at $39,960. Property tax rates in this region can vary significantly, impacting the overall tax bill. For example, the property tax bill at the 25th percentile is $18, while at the 75th percentile, it can rise to $1,078. This wide range illustrates how different factors such as property location, improvements, and market trends influence the assessed value and, consequently, the tax bill. At the 90th percentile, homeowners might face a tax bill as high as $1,942. Compared to the national median property tax rate of 0.99%, Alexander's property taxes can be relatively modest or substantial, depending on the specific property. This variability affects homeowners by making their annual financial planning more complex, necessitating a clear understanding of how their property is assessed.
Average Alexander Tax Bill
$49
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexander, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62601 | $15 | $18 | $49 | $1,078 | $1,942 |
Source: Ownwell