Thawville, Illinois Property Taxes
The median property tax rate in Thawville, IL is 2.71%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thawville at $124,725, the typical annual property tax bill reaches $3,196, exceeding the national median of $2,690. Property taxes in Thawville 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 Thawville'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 Thawville 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
Thawville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$3,380
$3,303
Ownwell’s Thawville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thawville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thawville 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 Thawville, Illinois
Property taxes in Thawville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thawville is 2.71%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thawville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thawville 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 Thawville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60968 has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Thawville 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 Thawville Tax Rate
2.71%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60968 | 2.00% | 2.30% | 2.71% | 2.93% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Thawville, Illinois
In Thawville, 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 Ford County Assessment Office 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 Thawville, 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 Thawville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Thawville is 60968, both standing at $3,196.
Average Thawville Assessed Value
$124,725
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 Thawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60968 | $65,775 | $88,440 | $124,725 | $178,575 | $252,360 |
Source: Ownwell
Property Tax Bills Across Thawville, Illinois
In Thawville, located in Ford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Factors such as changes in the market value, local government budgets, and public service needs can influence the tax rate. Homeowners in Thawville can expect property tax bills to vary significantly, with the 25th percentile at $2,044 and the 75th percentile reaching $4,893. The highest median tax bill in the area is $3,196, which is considerably higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated can help homeowners better manage their finances and anticipate changes in their annual tax obligations.
Average Thawville Tax Bill
$3,196
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thawville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60968 | $1,450 | $2,044 | $3,196 | $4,893 | $6,976 |
Source: Ownwell