Albion, Illinois Property Taxes
The median property tax rate in Albion, IL is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Albion, the typical annual property tax bill reaches $698, which is below the national median of $2,690. Property taxes in Albion 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 Albion'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 Albion 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
Albion, 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 Albion Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Albion to provide an accurate estimate of your property tax bill. This valuable 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 Edwards County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Albion, Illinois
Property taxes in Albion, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 2.43%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62806 zip code has the highest median property tax rate of 2.43%, while the same zip code also has the lowest median tax rate of 2.43%. Understanding how these cities compare with Albion provides valuable insights into the varying tax landscape across Edwards County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
2.43%
Average Edwards County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62806 | 1.71% | 2.05% | 2.43% | 2.43% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Illinois
In Albion, Illinois, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Edwards 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 Albion, 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62806, both at $698.
Average Albion Assessed Value
$31,350
Average Edwards County Assessed Value
$30,360
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62806 | $15,180 | $21,600 | $31,350 | $55,050 | $78,798 |
Source: Ownwell
Property Tax Bills Across Albion, Illinois
In Albion, located in Edwards County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in this region see a range of property tax bills, with the 25th percentile at $513 and the 75th percentile reaching $1,303. For those in the 90th percentile, tax bills can go up to $1,737. The median home price in Albion is $31,350, and the median property tax bill stands at $698, aligning with the highest and lowest median tax bills in the zip code 62806. The property tax rate in Albion is compared to the national median property tax rate of 0.99%. Various factors influence the tax bill, including the home's assessed value, local tax rates, and applicable exemptions. These tax bills directly impact homeowners by contributing to local services like schools, infrastructure, and public safety. Understanding how these elements interplay can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Albion Tax Bill
$698
Average Edwards County Tax Bill
$698
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62806 | $272 | $513 | $698 | $1,303 | $1,737 |
Source: Ownwell