Kempton, Illinois Property Taxes
The median property tax rate in Kempton, IL is 2.79%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kempton at $75,870, the typical annual property tax bill reaches $1,907, exceeding the national median of $2,690. Property taxes in Kempton 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 Kempton'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 Kempton 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
Kempton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.79%
Estimate Property Tax Bill
$2,117
$1,964
Ownwell’s Kempton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kempton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kempton 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 Kempton, Illinois
Property taxes in Kempton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kempton is 2.79%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kempton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kempton 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 Kempton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60946 zip code has both the highest and lowest median property tax rate of 2.79%. Understanding how these cities compare with Kempton 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 Kempton Tax Rate
2.79%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kempton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60946 | 1.73% | 2.30% | 2.79% | 3.04% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Kempton, Illinois
In Kempton, 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 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. Assessment notices in Kempton 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 Kempton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Kempton is $1907 in zip code 60946, while the lowest median tax bill is also $1907 in the same zip code.
Average Kempton Assessed Value
$75,870
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 Kempton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60946 | $31,230 | $47,550 | $75,870 | $145,890 | $221,190 |
Source: Ownwell
Property Tax Bills Across Kempton, Illinois
In Kempton, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. For example, a median home price in Kempton is $75,870. Local tax authorities then apply the county's tax rate to this assessed value to determine the tax owed. Factors such as property improvements, location, and market conditions can influence the assessed value, impacting the final tax bill. Homeowners in Kempton can expect varying tax bills depending on the value of their properties. For instance, tax bills in the 25th percentile are around $1,085, while those in the 75th percentile reach up to $4,115. The 90th percentile sees tax bills as high as $6,453. The median tax bill in the area, particularly in the 60946 zip code, is approximately $1,907. These taxes fund essential local services, including schools, infrastructure, and public safety, thereby affecting the quality of life and property values in the community.
Average Kempton Tax Bill
$1,907
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kempton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60946 | $617 | $1,085 | $1,907 | $4,115 | $6,453 |
Source: Ownwell