Evansville, Illinois Property Taxes
The median property tax rate in Evansville, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Evansville at $33,540, the typical annual property tax bill reaches $911, which is lower than the national median of $2,690. Property taxes in Evansville 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 Evansville'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 Evansville or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Evansville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$912
$891
Ownwell’s Evansville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Evansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Evansville 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 Randolph County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Evansville, Illinois
Property taxes in Evansville, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Evansville is 2.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Evansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Evansville 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 Evansville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62242 zip code has the highest median property tax rate of 2.72%, while the 62242 zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Evansville provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Evansville Tax Rate
2.72%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Evansville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62242 | 2.32% | 2.72% | 2.72% | 2.72% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Evansville, Illinois
In Evansville, 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 Randolph 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 Evansville, 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. For example, the median home price in Evansville is $33,540, with tax bills ranging from $292 at the 25th percentile to $1,988 at the 90th percentile. The zip code 62242 has the highest median tax bill of $911. 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 Evansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Evansville Assessed Value
$33,540
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Evansville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62242 | $4,977 | $10,770 | $33,540 | $62,190 | $77,211 |
Source: Ownwell
Property Tax Bills Across Evansville, Illinois
In Evansville, Randolph County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the home's market value. The local tax rate is then applied to this assessed value to determine the property tax bill. For example, with a median home price of $33,540, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate. Factors such as property location, improvements, and market conditions also influence the assessed value. Homeowners in the 25th percentile of tax bills pay around $292, while those in the 75th percentile see bills closer to $1,689. The highest median tax bill in the area is $911.00, with the same figure representing the lowest median tax bill, indicating a uniformity in the distribution of tax burdens. These taxes fund essential public services, impacting homeowners by contributing to community resources like schools, roads, and emergency services.
Average Evansville Tax Bill
$911
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Evansville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62242 | $129 | $292 | $911 | $1,689 | $1,988 |
Source: Ownwell