Louisville, Illinois Property Taxes
The median property tax rate in Louisville, IL is 1.69%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Louisville at $44,322, the typical annual property tax bill reaches $631, which is significantly lower than the national median of $2,690. Property taxes in Louisville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Louisville'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 Louisville 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
Louisville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$749
$732
Ownwell’s Louisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louisville 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 Louisville, Illinois
Property taxes in Louisville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louisville is 1.69%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Louisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louisville 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 Louisville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62858 zip code has both the highest and lowest median property tax rate of 1.69%. Understanding how these cities compare with Louisville provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louisville Tax Rate
1.69%
Average Clay County Tax Rate
1.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | 0.28% | 1.02% | 1.69% | 2.13% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Louisville, Illinois
In Louisville, 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 local 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 Louisville, 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 Louisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price is $44,322, with the highest median tax bill found in the 62858 zip code at $631.
Average Louisville Assessed Value
$44,322
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 Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | $10,871 | $20,562 | $44,322 | $91,872 | $160,540 |
Source: Ownwell
Property Tax Bills Across Louisville, Illinois
Property tax bills in Louisville, Illinois, are calculated based on the assessed value of the property, which is determined by the local assessor. This assessed value is a percentage of the property's market value. Factors such as property type, location, and improvements can influence the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Louisville, homeowners experience a range of tax bills. For instance, the 25th percentile tax bill is $192, while the 75th percentile reaches $1,683. The 90th percentile tax bill can be as high as $3,114. These figures show a significant variation, affecting homeowners differently based on their property's assessed value. Comparatively, Louisville's property taxes can be more manageable than the national median property tax rate of 0.99%. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in the local tax rate to anticipate their annual tax obligations accurately.
Average Louisville Tax Bill
$631
Average Clay County Tax Bill
$639
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | $69 | $192 | $631 | $1,683 | $3,114 |
Source: Ownwell