Irvington, Illinois Property Taxes
The median property tax rate in Irvington, IL is 3.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Irvington, the typical annual property tax bill reaches $294, which is significantly lower than the national median of $2,690. Property taxes in Irvington 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 Irvington'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 Irvington 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
Irvington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.17%
Estimate Property Tax Bill
$714
$698
Ownwell’s Irvington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irvington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irvington 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 Irvington, Illinois
Property taxes in Irvington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irvington is 3.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Irvington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irvington 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 Irvington's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62848 has the highest median property tax rate of 3.17%, while the same zip code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with Irvington provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irvington Tax Rate
3.17%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irvington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62848 | 0.49% | 1.67% | 3.17% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Irvington, Illinois
In Irvington, 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 Washington 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 Irvington, 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. The median home price in Irvington is $22,533, with tax bills ranging from $193 at the 25th percentile to $1,347 at the 90th percentile. The zip code 62848 has the highest and lowest median tax bill of $294. Being aware of these valuation processes in Irvington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Irvington Assessed Value
$22,533
Average Washington County Assessed Value
$38,358
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irvington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62848 | $6,260 | $8,988 | $22,533 | $42,836 | $69,366 |
Source: Ownwell
Property Tax Bills Across Irvington, Illinois
In Irvington, located in Washington County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Irvington is $22,533. Homeowners can expect a property tax rate that aligns closely with the national median of 0.99%. Tax bills can vary significantly, with the 25th percentile tax bill at $193 and the 75th percentile reaching $833, while the 90th percentile climbs to $1,347. Factors influencing these variations include property size, location, and any applicable exemptions or deductions. For instance, the highest and lowest median tax bill in the area is $294, found in zip code 62848. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Irvington Tax Bill
$294
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Irvington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62848 | $146 | $193 | $294 | $833 | $1,347 |
Source: Ownwell