Arcola, Illinois Property Taxes
The median property tax rate in Arcola, IL is 2.61%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Arcola, the typical annual property tax bill reaches $3,762, exceeding the national median of $2,690. Property taxes in Arcola 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 Arcola'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 Arcola 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
Arcola, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$3,116
$3,045
Ownwell’s Arcola Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Arcola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arcola to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed decisions. For those interested in neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Arcola, Illinois
Property taxes in Arcola, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arcola is 2.61%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Arcola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arcola 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 Arcola's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61910 zip code has the highest median property tax rate of 2.61%, while the lowest median tax rate is also 2.61%. Understanding how these cities compare with Arcola provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arcola Tax Rate
2.61%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arcola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61910 | 2.22% | 2.39% | 2.61% | 2.78% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Arcola, Illinois
In Arcola, 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 authority 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 Arcola, 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 Arcola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Arcola is $119,384, with the highest median tax bill in zip code 61910 being $3,762.
Average Arcola Assessed Value
$119,384
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arcola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61910 | $11,014 | $36,570 | $119,384 | $213,518 | $289,642 |
Source: Ownwell
Property Tax Bills Across Arcola, Illinois
Property tax bills in Arcola, located in Coles County, IL, are calculated based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the property's market value. Several factors influence this assessment, including the property's location, size, and any improvements made. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. In Arcola, the median home price is $119,384. Homeowners in the 25th percentile can expect a tax bill around $1,988, while those in the 75th percentile may see bills as high as $6,658. The 90th percentile tax bill can reach up to $10,788. The highest and lowest median tax bills in the area are both recorded at $3,762 in the 61910 zip code. Compared to the national median property tax rate of 0.99%, Arcola's property tax rates can significantly impact homeowners, particularly those in higher-value homes. This variation underscores the importance of understanding local property tax calculations to better manage financial expectations and obligations.
Average Arcola Tax Bill
$3,762
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Arcola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61910 | $484 | $1,988 | $3,762 | $6,658 | $10,788 |
Source: Ownwell