Patoka, Illinois Property Taxes
The median property tax rate in Patoka, IL is 2.24%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Patoka, the typical annual property tax bill reaches $1,110, exceeding the national median of $2,690. Property taxes in Patoka 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 Patoka'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 Patoka 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
Patoka, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.24%
Estimate Property Tax Bill
$1,513
$1,404
Ownwell’s Patoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patoka 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 Patoka, Illinois
Property taxes in Patoka, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Patoka is 2.24%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Patoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patoka 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 Patoka's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62875 has the highest median property tax rate of 2.24%, while the same zip code also has the lowest median tax rate of 2.24%. Understanding how these areas compare with Patoka provides 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 Patoka Tax Rate
2.24%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | 0.96% | 1.62% | 2.24% | 2.24% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Patoka, Illinois
In Patoka, 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 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 Patoka, 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 Patoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Patoka is $67,530, with the 25th percentile tax bill at $504 and the 75th percentile at $1,868. The zip code 62875 has both the highest and lowest median tax bills at $1,110.
Average Patoka Assessed Value
$67,530
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 Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $9,607 | $26,222 | $67,530 | $114,278 | $159,559 |
Source: Ownwell
Property Tax Bills Across Patoka, Illinois
In Patoka, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the home's market value, location, and physical characteristics such as size and condition. Homeowners in Patoka can expect varying tax bills. For instance, the 25th percentile tax bill is around $504, while those at the 75th percentile see bills closer to $1868. At the higher end, the 90th percentile tax bill reaches up to $2822. The median home price in Patoka stands at approximately $67,530, which significantly impacts the overall tax bill. Compared to the national median property tax rate of 0.99%, Patoka's rates can be seen as relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Patoka Tax Bill
$1,110
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Patoka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62875 | $197 | $504 | $1,110 | $1,868 | $2,822 |
Source: Ownwell