Kinmundy, Illinois Property Taxes
The median property tax rate in Kinmundy, IL is 1.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kinmundy at $58,254, the typical annual property tax bill reaches $1,045, exceeding the national median of $2,690. Property taxes in Kinmundy 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 Kinmundy'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 Kinmundy 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
Kinmundy, 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 Kinmundy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kinmundy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinmundy 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 Kinmundy, Illinois
Property taxes in Kinmundy, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinmundy is 1.61%, higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Kinmundy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinmundy 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 Kinmundy's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in 17025 has the highest median property tax rate of 1.61%, while the lowest median tax rate has the lowest median tax rate of 1.61%. Understanding how these cities compare with Kinmundy provides valuable insights into the varying tax landscape across Marion, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kinmundy Tax Rate
1.91%
Average Clay County Tax Rate
1.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | 1.74% | 1.81% | 1.91% | 2.02% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Kinmundy, Illinois
In Kinmundy, 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 Clay 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 Kinmundy, 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 Kinmundy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,045, found in the 62854 zip code.
Average Kinmundy Assessed Value
$58,254
Average Clay County Assessed Value
$42,012
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $32,382 | $42,084 | $58,254 | $74,424 | $84,126 |
Source: Ownwell
Property Tax Bills Across Kinmundy, Illinois
In Kinmundy, located in Clay County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $58,254, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Several factors influence the final tax bill, including the property's location within specific school districts or other taxing entities, and any exemptions for which the homeowner qualifies. In Kinmundy, the 25th percentile tax bill is $797, while the 75th percentile reaches $1,293, and the 90th percentile is $1,441. This range illustrates how different factors impact the amount homeowners pay annually. Compared to the national median property tax rate of 0.99%, Kinmundy's tax rates and bills can be seen as reflective of local economic conditions and municipal needs, affecting homeowners by contributing to local services and infrastructure.
Average Kinmundy Tax Bill
$1,045
Average Clay County Tax Bill
$639
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $649 | $797 | $1,045 | $1,293 | $1,441 |
Source: Ownwell