Patoka, Illinois Property Taxes
The median property tax rate in Patoka, IL is 1.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Patoka at $110,760, the typical annual property tax bill reaches $2,127, slightly below the national median of $2,690. Property taxes in Patoka 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 Patoka'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 Patoka 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
Patoka, 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 Patoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patoka 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 Patoka, Illinois
Property taxes in Patoka, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patoka is 2.13%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Patoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patoka 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 Patoka's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62875 zip code has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Patoka provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patoka Tax Rate
1.94%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | 1.49% | 1.76% | 1.94% | 2.08% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Patoka, Illinois
In Patoka, 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 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. In Patoka, 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 Patoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $2,127 in zip code 62875, which also has the lowest median tax bill of $2,127.
Average Patoka Assessed Value
$110,760
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $10,130 | $59,265 | $110,760 | $170,746 | $179,907 |
Source: Ownwell
Property Tax Bills Across Patoka, Illinois
In Patoka, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the median home price, which is $110,760, play a crucial role in this calculation. Homeowners in Patoka can expect tax bills to vary significantly. For instance, those at the 25th percentile pay around $1,197, while those at the 75th percentile face bills of up to $3,283. This variation is influenced by multiple factors, including property size, location, and any applicable exemptions. The highest median tax bill in the area is $2,127, found in zip code 62875, which is also the lowest median tax bill, indicating a uniform rate within that zip code. With the national median property tax rate at 0.99%, homeowners in Patoka may find their rates relatively comparable, affecting their annual financial planning and overall cost of homeownership.
Average Patoka Tax Bill
$2,127
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $723 | $1,197 | $2,127 | $3,283 | $3,376 |
Source: Ownwell