Tilton, Illinois Property Taxes
The median property tax rate in Tilton, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tilton, the typical annual property tax bill reaches $897, which is below the national median of $2,690. Property taxes in Tilton 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 Tilton'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 Tilton 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
Tilton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,037
$1,014
Ownwell’s Tilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tilton 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 Tilton, Illinois
Property taxes in Tilton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tilton is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tilton 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 Tilton's effective property tax rate to other areas in Vermilion County and the national median. For comparison, the 61832 zip code has the highest median property tax rate of 2.92%, while the 61833 zip code has the lowest median tax rate of 2.05%. Understanding how these areas compare with Tilton 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 Tilton Tax Rate
2.05%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61832 | 1.66% | 2.47% | 2.92% | 2.92% | 2.92% |
| 61833 | 0.66% | 1.37% | 2.05% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Tilton, Illinois
In Tilton, 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 Tilton, 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. For instance, the highest median tax bill in Tilton is $898 in the 61833 zip code, while the lowest is $860 in the 61832 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tilton Assessed Value
$50,598
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 Tilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61832 | $6,121 | $14,115 | $29,478 | $53,319 | $96,086 |
| 61833 | $18,983 | $35,415 | $50,598 | $66,405 | $83,487 |
Source: Ownwell
Property Tax Bills Across Tilton, Illinois
In Tilton, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Tilton is $50,598, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and any applicable exemptions play a crucial role in this calculation. Homeowners in Tilton can expect their tax bills to vary significantly; for instance, the 25th percentile tax bill is $481, while the 75th percentile tax bill reaches $1,394. At the 90th percentile, tax bills can be as high as $1,874. The highest median tax bill in the region is $898 in the 61833 zip code, while the lowest is $860 in the 61832 zip code. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Tilton Tax Bill
$897
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tilton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61832 | $179 | $412 | $860 | $1,293 | $1,519 |
| 61833 | $212 | $481 | $898 | $1,394 | $1,880 |
Source: Ownwell