Villa Grove, Illinois Property Taxes
The median property tax rate in Villa Grove, 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 Villa Grove, the typical annual property tax bill reaches $3,327, exceeding the national median of $2,690. Property taxes in Villa Grove 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 Villa Grove'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 Villa Grove 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
Villa Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$3,095
$2,873
Ownwell’s Villa Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Villa Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Villa Grove 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 Villa Grove, Illinois
Property taxes in Villa Grove, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Villa Grove is 2.09%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Villa Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Villa Grove 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 Villa Grove's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61956 has the highest median property tax rate of 2.09%, while the lowest median tax rate is also 2.09% in the same zip code. Understanding how these areas compare with Villa Grove provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Villa Grove Tax Rate
2.09%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Villa Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61956 | 1.69% | 1.96% | 2.09% | 2.17% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Villa Grove, Illinois
In Villa Grove, 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 Champaign 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 Villa Grove, 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. Villa Grove's property tax bills vary, with the 25th percentile at $1,926 and the 75th percentile at $4,277. The highest median tax bill in the area is $3,327 in the 61956 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Villa Grove Assessed Value
$148,110
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Villa Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61956 | $91,044 | $136,260 | $148,110 | $213,120 | $258,636 |
Source: Ownwell
Property Tax Bills Across Villa Grove, Illinois
In Villa Grove, located in Champaign County, IL, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's market value, assessment level, and any applicable exemptions or deductions. For homeowners in Villa Grove, the median home price is $148,110. The property tax bills can vary significantly, with the 25th percentile tax bill at $1,926 and the 75th percentile reaching $4,277. At the 90th percentile, homeowners might see a tax bill as high as $5,381. The highest median tax bill in the area is $3,327, recorded in the 61956 zip code. These property tax bills can significantly impact homeowners, influencing their monthly budgets and overall financial planning. Compared to the national median property tax rate of 0.99%, Villa Grove's property taxes reflect the local government's funding needs and property values.
Average Villa Grove Tax Bill
$3,327
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Villa Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61956 | $1,113 | $1,926 | $3,327 | $4,277 | $5,381 |
Source: Ownwell