Keensburg, Illinois Property Taxes
The median property tax rate in Keensburg, IL is 1.48%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Keensburg at $15,480, the typical annual property tax bill is $141, which is significantly below the national median of $2,690. Property taxes in Keensburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Keensburg'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 Keensburg 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
Keensburg, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Keensburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keensburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keensburg 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 Keensburg, Illinois
Property taxes in Keensburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keensburg is 1.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Keensburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keensburg 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 Keensburg's effective property tax rate to other regions in Illinois and the national median. For comparison, the 62852 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these areas compare with Keensburg provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keensburg Tax Rate
1.48%
Average Wabash County Tax Rate
1.99%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62852 | 0.91% | 1.13% | 1.48% | 1.83% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Keensburg, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Keensburg, 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 local 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 Keensburg, 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 highest median tax bill in the area is $141 in the 62852 zip code, while the lowest is also $141 in the same zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Keensburg Assessed Value
$15,480
Average Wabash County Assessed Value
$80,445
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62852 | $5,544 | $9,270 | $15,480 | $21,690 | $25,416 |
Source: Ownwell
Property Tax Bills Across Keensburg, Illinois
In Keensburg, located in Wabash County, IL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a fraction of the market value, and local tax authorities apply a specific rate to this assessed value to determine the tax bill. For instance, the median home price in Keensburg is $15,480, and property tax rates are applied to this amount to generate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. Homeowners in Keensburg can expect their property tax bills to vary, with the 25th percentile tax bill at $104 and the 75th percentile at $179. The 90th percentile tax bill reaches up to $201. These figures show that while property taxes in Keensburg are relatively low compared to the national median property tax rate of 0.99%, they still represent a significant expense for homeowners, impacting their overall cost of living.
Average Keensburg Tax Bill
$141
Average Wabash County Tax Bill
$1,448
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Keensburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62852 | $82 | $104 | $141 | $179 | $201 |
Source: Ownwell