Ashkum, Illinois Property Taxes
The median property tax rate in Ashkum, IL is 2.88%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ashkum at $175,920, the typical annual property tax bill reaches $4,691, surpassing the national median of $2,690. Property taxes in Ashkum are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Ashkum'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 Ashkum 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
Ashkum, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.88%
Estimate Property Tax Bill
$5,066
$4,702
Ownwell’s ASHKUM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ASHKUM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ASHKUM 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 Ashkum, Illinois
Property taxes in Ashkum, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashkum is 2.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ashkum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ashkum 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 Ashkum's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60911 zip code has both the highest and lowest median property tax rate of 2.88%. Understanding how these cities compare with Ashkum provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ashkum Tax Rate
2.88%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | 2.64% | 2.68% | 2.88% | 3.07% | 3.09% |
Source: Ownwell
Property Tax Assessment Values Across Ashkum, Illinois
In ASHKUM, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Ford 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 ASHKUM, 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. The median home price in ASHKUM is $175,920, with tax bills ranging significantly. The 25th percentile tax bill is $3,484, while the 75th percentile tax bill reaches $5,847, and the 90th percentile tax bill can be as high as $6,530. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ashkum Assessed Value
$175,920
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | $94,413 | $130,012 | $175,920 | $208,725 | $220,740 |
Source: Ownwell
Property Tax Bills Across Ashkum, Illinois
In Ashkum, located in Ford County, 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. For instance, with a median home price of $175,920, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $3,484, while the 75th percentile tax bill reaches around $5,847. In some cases, the tax bill can go as high as $6,530, which is in the 90th percentile. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, homeowners in Ashkum may experience higher tax bills, reflecting the local government's funding needs and priorities. This financial obligation can significantly affect homeowners' budgets, making it crucial to understand and plan for property taxes.
Average Ashkum Tax Bill
$4,691
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashkum, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60911 | $2,708 | $3,484 | $4,691 | $5,847 | $6,530 |
Source: Ownwell