Mount Carmel, Illinois Property Taxes
The median property tax rate in Mount Carmel, IL is 2.09%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Carmel at $73,215, the typical annual property tax bill reaches $1,426, which is below the national median of $2,690. Property taxes in Mount Carmel 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 Mount Carmel'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 Mount Carmel 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
Mount Carmel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$1,530
$1,495
Ownwell’s Mount Carmel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Carmel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Carmel 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 Mount Carmel, Illinois
Property taxes in Mount Carmel, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carmel is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carmel 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 Mount Carmel's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62863 has both the highest and lowest median property tax rate of 2.09%. Understanding how these areas compare with Mount Carmel 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 Mount Carmel Tax Rate
2.09%
Average Wabash County Tax Rate
1.99%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | 1.46% | 1.77% | 2.09% | 2.51% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carmel, Illinois
In Mount Carmel, 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 Wabash County Assessor 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 Mount Carmel, 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 Mount Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1426 in the 62863 zip code, which contrasts sharply with the national median property tax rate of 0.99%.
Average Mount Carmel Assessed Value
$73,215
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 Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $23,238 | $38,370 | $73,215 | $144,690 | $256,776 |
Source: Ownwell
Property Tax Bills Across Mount Carmel, Illinois
In Mount Carmel, located in Wabash County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is a percentage of the market value of the home. For example, with the median home price in Mount Carmel at $73,215, homeowners can expect their property tax bill to vary significantly. Tax bills in this region can range from $892 for the 25th percentile to $4,929 for the 90th percentile, reflecting differences in property values and assessment practices. The highest median tax bill recorded in the area is $1,426, which is also the lowest, indicating a uniform rate across the zip code 62863. Compared to the national median property tax rate of 0.99%, the property tax rate in Mount Carmel may lead to varying financial impacts on homeowners. Higher assessed values result in higher tax bills, affecting household budgets and potentially influencing decisions on homeownership and property investments.
Average Mount Carmel Tax Bill
$1,426
Average Wabash County Tax Bill
$1,448
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $515 | $892 | $1,426 | $2,620 | $4,929 |
Source: Ownwell