Eureka, Illinois Property Taxes
The median property tax rate in Eureka, IL is 2.23%, notably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Eureka, the typical annual property tax bill reaches $2,969, exceeding the national median of $2,690. Property taxes in Eureka 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 Eureka'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 Eureka 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
Eureka, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.23%
Estimate Property Tax Bill
$3,168
$3,095
Ownwell’s Eureka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eureka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eureka 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 Eureka, Illinois
Property taxes in Eureka, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eureka is 2.23%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eureka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eureka 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 Eureka's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61530 has the highest median property tax rate of 2.23%, while the lowest median tax rate is also 2.23%. Understanding how these cities compare with Eureka provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eureka Tax Rate
2.23%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eureka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61530 | 1.99% | 2.03% | 2.23% | 2.28% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Eureka, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Eureka, Illinois. 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 Woodford 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 Eureka, 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 Eureka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Eureka is $142,050, with property tax bills ranging significantly. The 25th percentile tax bill is $2,698, while the 75th percentile tax bill reaches $3,734. The highest median tax bill, found in zip code 61530, is $2,969. By staying informed, Eureka homeowners can take proactive steps to manage and potentially reduce their property tax obligations.
Average Eureka Assessed Value
$142,050
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eureka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61530 | $115,860 | $127,995 | $142,050 | $159,150 | $224,730 |
Source: Ownwell
Property Tax Bills Across Eureka, Illinois
In Eureka, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The county assessor determines this assessed value, and local tax rates are then applied to it. For homeowners in Eureka, the median home price is $142,050. Property tax bills can vary significantly, with the 25th percentile tax bill at $2,698 and the 75th percentile tax bill at $3,734. At the 90th percentile, homeowners might see bills as high as $5,072. These tax rates and bills are influenced by various factors, including local government budgets, school district funding needs, and public services. Homeowners in Eureka should be aware that their property tax bills can have a considerable impact on their annual expenses. Compared to the national median property tax rate of 0.99%, the rates in Eureka highlight the importance of understanding how these taxes are calculated and managed in your specific locality.
Average Eureka Tax Bill
$2,969
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eureka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61530 | $2,589 | $2,698 | $2,969 | $3,734 | $5,072 |
Source: Ownwell