Edgewood, Illinois Property Taxes
The median property tax rate in Edgewood, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Edgewood at $37,206, the typical annual property tax bill reaches $930, which is below the national median of $2,690. Property taxes in Edgewood 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 Edgewood'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 Edgewood 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
Edgewood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$952
$884
Ownwell’s Edgewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Edgewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edgewood 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 Edgewood, Illinois
Property taxes in Edgewood, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edgewood is 2.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Edgewood set these rates annually, and they can vary across different neighborhoods. Each year, Edgewood 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 Edgewood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62426 has the same median property tax rate of 2.56%, providing a consistent benchmark within Fayette County. Understanding how these areas compare with Edgewood offers valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edgewood Tax Rate
2.56%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edgewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62426 | 1.17% | 2.12% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Edgewood, Illinois
In Edgewood, 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 Fayette 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 Edgewood, 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 Edgewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Edgewood is in the 62426 zip code, which stands at $930.00.
Average Edgewood Assessed Value
$37,206
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edgewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62426 | $7,988 | $19,911 | $37,206 | $60,585 | $98,899 |
Source: Ownwell
Property Tax Bills Across Edgewood, Illinois
In Edgewood, Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. For homeowners in Edgewood, the median home price is $37,206. The property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding requirements, and public service needs also play a significant role in determining the final tax rate. Homeowners in Edgewood face varying tax bills depending on their property's value. The 25th percentile tax bill stands at $360, while the 75th percentile reaches $1,308, and the 90th percentile goes up to $2,087. These variations in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in Edgewood can be considered relatively moderate, providing a balanced approach to funding local services while maintaining affordability for residents.
Average Edgewood Tax Bill
$930
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Edgewood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62426 | $138 | $360 | $930 | $1,308 | $2,087 |
Source: Ownwell