Kappa, Illinois Property Taxes
The median property tax rate in Kappa, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kappa, the typical annual property tax bill reaches $2,552, nearly matching the national median of $2,690. Property taxes in Kappa 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 Kappa'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 Kappa 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
Kappa, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$2,714
$2,652
Ownwell’s Kappa Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Kappa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kappa 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 Kappa, Illinois
Property taxes in Kappa, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kappa is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kappa set these rates annually, and they can vary across different neighborhoods. Each year, Kappa 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 Kappa's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61738 has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Kappa provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kappa Tax Rate
2.39%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kappa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 1.46% | 2.11% | 2.39% | 2.53% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Kappa, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kappa, 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 Woodford 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 Kappa, 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 Kappa 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 $2,552 in zip code 61738, while the lowest is also $2,552 in the same zip code.
Average Kappa Assessed Value
$113,565
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kappa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $30,160 | $73,034 | $113,565 | $148,726 | $167,362 |
Source: Ownwell
Property Tax Bills Across Kappa, Illinois
In Kappa, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the home's location, size, and condition, as well as local real estate market trends. For example, the median home price in Kappa is $113,565, and property tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,464 annually, while those in the 75th percentile might see bills as high as $3,573. The top 10% of property tax bills in Kappa reach up to $3,947. These tax bills directly impact homeowners by affecting their annual expenses and the overall affordability of owning property in the area. Compared to the national median property tax rate of 0.99%, Kappa's property tax rates reflect the local economic conditions and public service funding needs.
Average Kappa Tax Bill
$2,552
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kappa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $476 | $1,464 | $2,552 | $3,573 | $3,947 |
Source: Ownwell