Eddyville, Illinois Property Taxes
The median property tax rate in Eddyville, IL is 1.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Eddyville, the typical annual property tax bill reaches $1,463, which is below the national median of $2,690. Property taxes in Eddyville 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 Eddyville'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 Eddyville 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
Eddyville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$1,494
$1,460
Ownwell’s Eddyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eddyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eddyville 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 Eddyville, Illinois
Property taxes in Eddyville, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eddyville is 1.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eddyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eddyville 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 Eddyville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62928 zip code has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these cities compare with Eddyville provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eddyville Tax Rate
1.67%
Average Pope County Tax Rate
1.65%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eddyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62928 | 1.20% | 1.38% | 1.67% | 1.92% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Eddyville, Illinois
In Eddyville, 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 Pope 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 Eddyville, 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. The median home price in Eddyville is $89,468, with tax bills ranging widely. For instance, the tax bill at the 25th percentile is $587, while at the 75th percentile, it is $2,186, and at the 90th percentile, it can go up to $3,448. The highest and lowest median tax bills are both $1,463, found in the 62928 zip code. By understanding 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 Eddyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eddyville Assessed Value
$89,468
Average Pope County Assessed Value
$84,555
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eddyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62928 | $16,789 | $64,388 | $89,468 | $141,800 | $184,713 |
Source: Ownwell
Property Tax Bills Across Eddyville, Illinois
In Eddyville, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as the median home price, which is $89,468, and the local tax rate, which can vary, play crucial roles in this calculation. Homeowners in Eddyville can expect their tax bills to fall within a range, with the 25th percentile at $587, the 75th percentile at $2,186, and the 90th percentile reaching up to $3,448. These figures illustrate the potential variability in tax bills, influenced by property values and local tax rates. With the national median property tax rate at 0.99%, homeowners in Eddyville may find their local rates either more or less favorable in comparison. Understanding these factors can help homeowners better anticipate their annual tax obligations and budget accordingly.
Average Eddyville Tax Bill
$1,463
Average Pope County Tax Bill
$1,262
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eddyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62928 | $228 | $587 | $1,463 | $2,186 | $3,448 |
Source: Ownwell