Ipava, Illinois Property Taxes
The median property tax rate in Ipava, IL is 3.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ipava, the typical annual property tax bill reaches $940, which is below the national median of $2,690. Property taxes in Ipava 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 Ipava'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 Ipava or another part of Fulton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ipava, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$1,564
$1,528
Ownwell’s Ipava Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to easily estimate their annual property taxes in Ipava using just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Ipava to provide an accurate property tax bill estimate. This valuable tool offers clarity on potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Ipava, Illinois
Property taxes in Ipava, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ipava is 3.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ipava set these rates annually, and they can vary across different neighborhoods. Each year, Ipava 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 Ipava's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61441 zip code has the highest median property tax rate of 3.03%, while the same zip code also represents the lowest median tax rate of 3.03%. Understanding how these cities compare with Ipava provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ipava Tax Rate
3.03%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ipava, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61441 | 1.79% | 2.16% | 3.03% | 3.23% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Ipava, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ipava, 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 local 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. In Ipava, 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. For instance, in Ipava, the median home price is $51,622, with tax bills ranging from $605 at the 25th percentile to $2,379 at the 90th percentile. The zip code 61441 has both the highest and lowest median tax bill at $940. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ipava Assessed Value
$51,622
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ipava, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61441 | $11,964 | $29,280 | $51,622 | $77,628 | $110,294 |
Source: Ownwell
Property Tax Bills Across Ipava, Illinois
In Ipava, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Ipava is $51,622. Tax rates are applied to this assessed value to determine the annual tax bill. For example, the 25th percentile tax bill is $605, while the 75th percentile tax bill reaches $1,648. The highest median tax bill recorded in the area is $940, with the same amount being the lowest, indicating a relatively uniform tax rate within the zip code 61441. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. These taxes fund essential public services like schools, emergency services, and infrastructure maintenance. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual homeownership costs. Comparing Ipava's tax rates to the national median property tax rate of 0.99% can provide additional context for homeowners evaluating their tax obligations.
Average Ipava Tax Bill
$940
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ipava, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61441 | $228 | $605 | $940 | $1,648 | $2,379 |
Source: Ownwell