Ashmore, Illinois Property Taxes
The median property tax rate in Ashmore, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ashmore at $70,425, the typical annual property tax bill reaches $1,484, which is below the national median of $2,690. Property taxes in Ashmore 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 Ashmore'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 Ashmore 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
Ashmore, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$1,563
$1,451
Ownwell’s Ashmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ashmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ashmore 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 Ashmore, Illinois
Property taxes in Ashmore, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashmore is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ashmore set these rates annually, and they can vary across different neighborhoods. Each year, Ashmore 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 Ashmore's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61912 has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these areas compare with Ashmore 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 Ashmore Tax Rate
2.22%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61912 | 1.63% | 2.02% | 2.22% | 2.23% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Ashmore, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ashmore, Illinois. 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 Coles 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 Ashmore, 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. For instance, the median home price in Ashmore is $70,425, with tax bills ranging from $699 at the 25th percentile to $4,680 at the 90th percentile. Notably, the highest and lowest median tax bills, both at $1,484, are found in the 61912 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ashmore Assessed Value
$70,425
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 Ashmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61912 | $15,119 | $33,510 | $70,425 | $135,558 | $208,789 |
Source: Ownwell
Property Tax Bills Across Ashmore, Illinois
In Ashmore, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of the market value. The median home price in Ashmore is $70,425. Property tax rates in Ashmore are influenced by Coles County's tax policies and local levies. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $699 and the 75th percentile reaching $2,938. The highest median tax bill in the area is $1,484, found in the 61912 zip code. Factors such as property size, location, and improvements can affect the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Ashmore's rates can be seen as relatively moderate. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and make informed decisions about their properties.
Average Ashmore Tax Bill
$1,484
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashmore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61912 | $360 | $699 | $1,484 | $2,938 | $4,680 |
Source: Ownwell