Jonesboro, Illinois Property Taxes
The median property tax rate in Jonesboro, IL is 2.05%, which is significantly higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $51,418 in Jonesboro, the typical annual property tax bill amounts to $704, well below the national median of $2,690. Property taxes in Jonesboro are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Jonesboro's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Jonesboro or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jonesboro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,054
$978
Ownwell’s Jonesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jonesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jonesboro 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 Jonesboro, Illinois
Property taxes in Jonesboro, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jonesboro is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Jonesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jonesboro 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 Jonesboro's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62952 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these figures compare with Jonesboro provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jonesboro Tax Rate
2.05%
Average Alexander County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jonesboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62952 | 0.80% | 1.17% | 2.05% | 2.67% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Jonesboro, Illinois
In Jonesboro, 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 Alexander 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 Jonesboro, 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 Jonesboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Jonesboro is $51,418, with the highest and lowest median tax bill both recorded at $704 in the 62952 zip code.
Average Jonesboro Assessed Value
$51,418
Average Alexander County Assessed Value
$44,430
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jonesboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62952 | $13,351 | $16,446 | $51,418 | $75,840 | $95,288 |
Source: Ownwell
Property Tax Bills Across Jonesboro, Illinois
In Jonesboro, located in Alexander County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $51,418, the assessed value would be a fraction of this amount, subject to local assessment ratios. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the local tax rate, property exemptions, and any applicable deductions. In Jonesboro, the tax bill varies significantly. Homeowners at the 25th percentile pay around $325, while those at the 75th percentile face bills of up to $1,815, and the 90th percentile sees amounts as high as $2,127. These variations highlight the impact of property value and local tax policies on individual tax obligations. Compared to the national median property tax rate of 0.99%, Jonesboro's property taxes can present a substantial burden for some homeowners.
Average Jonesboro Tax Bill
$704
Average Alexander County Tax Bill
$956
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Jonesboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62952 | $189 | $325 | $704 | $1,815 | $2,127 |
Source: Ownwell