Coal Valley, Illinois Property Taxes
The median property tax rate in Coal Valley, IL is 2.93%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Coal Valley at $138,212, the typical annual property tax bill reaches $4,231, far exceeding the national median of $2,690. Property taxes in Coal Valley are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Coal Valley'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 Coal Valley 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
Coal Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.93%
Estimate Property Tax Bill
$4,050
$3,957
Ownwell’s Coal Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coal Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coal Valley 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 Coal Valley, Illinois
Property taxes in Coal Valley, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coal Valley is 2.93%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Coal Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coal Valley 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 Coal Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61240 zip code has the highest median property tax rate of 2.93%, while also being the lowest median tax rate at 2.93%. Understanding how these cities compare with Coal Valley provides valuable insights into the varying tax landscape across Rock Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coal Valley Tax Rate
2.93%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | 2.54% | 2.78% | 2.93% | 3.35% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Coal Valley, Illinois
In Coal Valley, 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 Rock Island County Assessment Office 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 Coal Valley, 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 Coal Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,231 in the 61240 zip code.
Average Coal Valley Assessed Value
$138,212
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | $84,502 | $99,472 | $138,212 | $202,956 | $286,394 |
Source: Ownwell
Property Tax Bills Across Coal Valley, Illinois
In Coal Valley, located in Rock Island County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value. Homeowners in Coal Valley can expect their tax bills to vary significantly, with the median home price being $138,212. For example, tax bills in the 25th percentile are around $2,968, while those in the 75th percentile can reach up to $6,593. The highest tax bills, in the 90th percentile, can go as high as $8,760. These tax bills are influenced by several factors, including the local government's budget needs, school funding, and other municipal services. Compared to the national median property tax rate of 0.99%, homeowners in Coal Valley might find their tax rates relatively high, reflecting the community's investment in local infrastructure and services. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Coal Valley Tax Bill
$4,231
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | $2,513 | $2,968 | $4,231 | $6,593 | $8,760 |
Source: Ownwell