Louisville, Illinois Property Taxes
The median property tax rate in Louisville, IL is 1.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Louisville, the typical annual property tax bill reaches $3,116, exceeding the national median of $2,690. Property taxes in Louisville 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 Louisville'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 Louisville 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
Louisville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$3,107
$2,883
Ownwell’s Louisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louisville 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 Louisville, Illinois
Property taxes in Louisville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louisville is 1.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Louisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louisville 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 Louisville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62858 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Louisville provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louisville Tax Rate
1.49%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | 1.17% | 1.29% | 1.49% | 1.72% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Louisville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Louisville, Effingham County, 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 local appraisal authorities 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 Louisville, 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 Louisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Effingham County, the highest median tax bill is $3,116 in zip code 62858, while the lowest median tax bill is also $3,116 in the same zip code, illustrating a uniformity in tax assessments within this area.
Average Louisville Assessed Value
$208,500
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | $147,762 | $181,800 | $208,500 | $233,190 | $273,006 |
Source: Ownwell
Property Tax Bills Across Louisville, Illinois
In Louisville, Effingham County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. Local tax authorities determine this assessed value, and it serves as the foundation for your tax bill. The tax rate, also known as the millage rate, is then applied to the assessed value to calculate the final tax amount. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In Louisville, the median home price stands at $208,500. Homeowners in the 25th percentile can expect a tax bill around $2,351, while those in the 75th percentile might see a bill close to $3,282. At the 90th percentile, the tax bill can reach up to $3,720. Compared to the national median property tax rate of 0.99%, Louisville's property taxes can significantly impact homeowners, making it essential to understand how these calculations are made and to explore potential exemptions or appeals to manage costs effectively.
Average Louisville Tax Bill
$3,116
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Louisville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62858 | $2,243 | $2,351 | $3,116 | $3,282 | $3,720 |
Source: Ownwell