Elkville, Illinois Property Taxes
The median property tax rate in Elkvillle, IL is 1.56%, which is noticeably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $73,732 in Elkvillle, the typical annual property tax bill amounts to $1,204, falling below the national median of $2,690. Property taxes in Elkvillle are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elkvillle'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 Elkvillle 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
Elkville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$1,150
$1,067
Ownwell’s ELKVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELKVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELKVILLE 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 Elkville, Illinois
Property taxes in Elkvillle, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkvillle is 1.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elkvillle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkvillle 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 Elkvillle's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62932 zip code has the highest median property tax rate of 1.56%, while the 62932 zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Elkvillle provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkville Tax Rate
1.56%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | 1.55% | 1.56% | 1.56% | 1.60% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Elkville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkville, Illinois. 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 Franklin 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 Elkville 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 Elkville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62932 has the highest and lowest median tax bill, both at $1,204, reflecting a unique uniformity in the area.
Average Elkville Assessed Value
$73,732
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | $46,161 | $56,070 | $73,732 | $93,720 | $107,814 |
Source: Ownwell
Property Tax Bills Across Elkville, Illinois
In Elkville, Illinois, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine your annual property tax bill. For instance, with a median home price of $73,732, homeowners in Elkville can expect to see tax bills ranging from $876 at the 25th percentile to $1,536 at the 75th percentile, with the 90th percentile reaching up to $1,697. Several factors influence the tax bill, including changes in market value, local government budgets, and specific tax rates set by various taxing authorities. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Elkville's property taxes can significantly affect homeowners' financial planning and overall cost of living.
Average Elkville Tax Bill
$1,204
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | $723 | $876 | $1,204 | $1,536 | $1,697 |
Source: Ownwell