Arcola, Illinois Property Taxes
The median property tax rate in Arcola, IL is 2.31%, 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 at $99,255, the typical annual property tax bill reaches $2,310, slightly below 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
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Arcola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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 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 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 2.31%, 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 zip code 61910 has both the highest and lowest median property tax rate of 2.31%. Understanding how these cities compare with Arcola provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arcola Tax Rate
2.31%
Average Douglas County Tax Rate
2.16%
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 | 1.58% | 2.06% | 2.31% | 2.62% | 2.85% |
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 Douglas County 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 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. For instance, the median home price in Arcola is $99,255, with tax bills ranging from $1,480 at the 25th percentile to $5,517 at the 90th percentile. Notably, the highest and lowest median tax bills are both $2,310 in the zip code 61910. 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 Arcola Assessed Value
$99,255
Average Douglas County Assessed Value
$101,652
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 | $41,510 | $71,217 | $99,255 | $155,418 | $222,491 |
Source: Ownwell
Property Tax Bills Across Arcola, Illinois
In Arcola, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, the median home price in Arcola is $99,255. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Arcola can expect a range of tax bills. The 25th percentile tax bill is around $1,480, while those in the 75th percentile see bills closer to $3,780. For the top 10% of homeowners, property tax bills can reach up to $5,517. Comparatively, the highest and lowest median tax bills in the region are both $2,310, which aligns with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Arcola Tax Bill
$2,310
Average Douglas County Tax Bill
$2,157
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 | $740 | $1,480 | $2,310 | $3,780 | $5,517 |
Source: Ownwell