Martinsville, Illinois Property Taxes
The median property tax rate in Martinsville, IL is 2.31%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Martinsville at $97,905, the typical annual property tax bill reaches $2,007, falling below the national median of $2,690. Property taxes in Martinsville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Martinsville'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 Martinsville 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
Martinsville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$2,262
$2,210
Ownwell’s Martinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Martinsville, Illinois
Property taxes in Martinsville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62442 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Martinsville provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsville Tax Rate
2.31%
Average Crawford County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62442 | 1.40% | 1.57% | 2.31% | 2.86% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Illinois
In Martinsville, 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 Crawford 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 Martinsville, 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 Martinsville 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 $2,007, found in the 62442 zip code.
Average Martinsville Assessed Value
$97,905
Average Crawford County Assessed Value
$84,633
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62442 | $68,504 | $77,994 | $97,905 | $113,615 | $120,717 |
Source: Ownwell
Property Tax Bills Across Martinsville, Illinois
In Martinsville, located in Crawford County, IL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Martinsville is $97,905, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. The tax bill can vary significantly, with the 25th percentile at $1,511 and the 75th percentile at $2,495, showing the range of what homeowners might expect to pay. At the 90th percentile, tax bills can reach up to $3,017. The highest and lowest median tax bills in the area are both reported at $2,007, highlighting a relatively narrow range in this specific region. For homeowners, understanding these factors and how they contribute to the overall tax bill is crucial for financial planning and anticipating yearly expenses.
Average Martinsville Tax Bill
$2,007
Average Crawford County Tax Bill
$1,940
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62442 | $1,248 | $1,511 | $2,007 | $2,495 | $3,017 |
Source: Ownwell