Annapolis, Illinois Property Taxes
The median property tax rate in Annapolis, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Annapolis at $78,999, the typical annual property tax bill reaches $1,881, exceeding the national median of $2,690. Property taxes in Annapolis 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 Annapolis'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 Annapolis 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
Annapolis, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Annapolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Annapolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Annapolis 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 Annapolis, Illinois
Property taxes in Annapolis, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Annapolis is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Annapolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Annapolis 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 Annapolis's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62413 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these cities compare with Annapolis provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Annapolis Tax Rate
2.46%
Average Clark County Tax Rate
2.09%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Annapolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62413 | 1.97% | 2.12% | 2.46% | 2.83% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Annapolis, Illinois
In Annapolis, 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 Clark County Assessment Office 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. 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 Annapolis 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 $1,881, found in zip code 62413, while the lowest median tax bill is also $1,881 in the same zip code.
Average Annapolis Assessed Value
$78,999
Average Clark County Assessed Value
$71,601
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Annapolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62413 | $20,647 | $44,278 | $78,999 | $107,776 | $133,707 |
Source: Ownwell
Property Tax Bills Across Annapolis, Illinois
In Annapolis, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate for Clark County, where Annapolis is located, is applied to this assessed value to determine the annual tax bill. The median home price in Annapolis is $78,999, which provides a baseline for understanding property tax calculations in the area. Several factors influence the final tax bill, including property location, improvements, and exemptions. For example, the 25th percentile tax bill in Annapolis is $1,490, while the 75th percentile tax bill is $2,538, and the 90th percentile tax bill reaches $3,530. This range indicates how different factors can significantly impact the amount homeowners need to pay. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners in Annapolis to understand how their local rates and assessed values affect their financial obligations.
Average Annapolis Tax Bill
$1,881
Average Clark County Tax Bill
$1,431
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Annapolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62413 | $682 | $1,490 | $1,881 | $2,538 | $3,530 |
Source: Ownwell