Potomac, Illinois Property Taxes
The median property tax rate in Potomac, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Potomac at $75,548, the typical annual property tax bill reaches $1,680, exceeding the national median of $2,690. Property taxes in Potomac 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 Potomac'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 Potomac or another part of Vermilion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Potomac, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$1,874
$1,831
Ownwell’s Potomac Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Potomac with just two data points. By entering your property’s estimated assessed value, the calculator applies the median tax rate in Potomac 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 Potomac, Illinois
Property taxes in Potomac, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potomac is 2.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Potomac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potomac 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 Potomac's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61865 zip code has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Potomac provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potomac Tax Rate
2.48%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potomac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61865 | 1.34% | 1.99% | 2.48% | 2.82% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Potomac, Illinois
In Potomac, 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 Vermilion 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 Potomac, 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 Potomac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Potomac is $1,680 in the 61865 zip code, while the lowest median tax bill is also $1,680 in the same zip code.
Average Potomac Assessed Value
$75,548
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potomac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61865 | $23,501 | $45,366 | $75,548 | $108,838 | $158,715 |
Source: Ownwell
Property Tax Bills Across Potomac, Illinois
In Potomac, Vermilion County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, the median home price in Potomac is $75,548. Homeowners at the 25th percentile can expect a tax bill around $908, while those at the 75th percentile might see a bill closer to $2,737. The top 10% of homeowners could face tax bills as high as $4,063. These property taxes fund essential services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, the rates in Potomac can significantly impact homeowners' annual budgets, making it crucial for them to understand how their tax bills are calculated and what factors influence the final amount.
Average Potomac Tax Bill
$1,680
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Potomac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61865 | $437 | $908 | $1,680 | $2,737 | $4,063 |
Source: Ownwell