Vandalia, Illinois Property Taxes
The median property tax rate in Vandalia, IL is 2.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Vandalia at $67,476, the typical annual property tax bill reaches $1,398, exceeding the national median of $2,690. Property taxes in Vandalia 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 Vandalia'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 Vandalia or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vandalia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,538
$1,503
Ownwell’s Vandalia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vandalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vandalia 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 Vandalia, Illinois
Property taxes in Vandalia, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Vandalia is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Vandalia set these rates annually, and they can vary across different neighborhoods. Each year, Vandalia 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 Vandalia's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62471 has the highest median property tax rate of 2.28%, while the same zip code also represents the lowest median tax rate of 2.28%. Understanding how these areas compare with Vandalia 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 Vandalia Tax Rate
2.28%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vandalia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62471 | 1.45% | 1.96% | 2.28% | 2.42% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Vandalia, Illinois
In Vandalia, 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 Vandalia, 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 Vandalia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,398 in the 62471 zip code, while the lowest is also $1,398, reflecting the uniformity in property tax assessments.
Average Vandalia Assessed Value
$67,476
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 Vandalia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62471 | $10,278 | $33,120 | $67,476 | $124,812 | $178,859 |
Source: Ownwell
Property Tax Bills Across Vandalia, Illinois
In Vandalia, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final amount, including the property's location within Fayette County and any applicable exemptions. Homeowners in Vandalia experience a range of property tax bills. For instance, the 25th percentile tax bill is $679, while the 75th percentile reaches $2,510. The highest median tax bill recorded in the area is $1,398. These figures indicate a significant variance in tax obligations, reflecting differences in property values and assessed rates. Compared to the national median property tax rate of 0.99%, Vandalia's tax rates can vary widely, impacting homeowners differently depending on their property's assessed value. Understanding these factors is crucial for homeowners to manage their tax responsibilities effectively and anticipate annual costs.
Average Vandalia Tax Bill
$1,398
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Vandalia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62471 | $222 | $679 | $1,398 | $2,510 | $3,760 |
Source: Ownwell