Carrollton, Illinois Property Taxes
The median property tax rate in Carrollton, IL is 1.88%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carrollton at $90,100, the typical annual property tax bill reaches $1,536, exceeding the national median of $2,690. Property taxes in Carrollton 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 Carrollton'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 Carrollton 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
Carrollton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$1,694
$1,572
Ownwell’s Carrollton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carrollton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carrollton 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 Carrollton, Illinois
Property taxes in Carrollton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carrollton is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carrollton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carrollton 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 Carrollton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62016 zip code has the highest median property tax rate of 1.88%, while the 62016 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Carrollton provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carrollton Tax Rate
1.88%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carrollton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62016 | 1.15% | 1.54% | 1.88% | 2.16% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Carrollton, Illinois
In Carrollton, 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 Greene 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. In Carrollton, 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 Carrollton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,536, found in the zip code 62016.
Average Carrollton Assessed Value
$90,100
Average Greene County Assessed Value
$57,802
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carrollton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62016 | $31,011 | $56,070 | $90,100 | $124,236 | $173,825 |
Source: Ownwell
Property Tax Bills Across Carrollton, Illinois
In Carrollton, Greene County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location, its assessed value, and the specific tax rate set by the local government. For instance, homeowners in Carrollton can expect a median property tax bill of around $1,536, with the 25th percentile at $872 and the 75th percentile reaching up to $2,325. These tax bills play a significant role in funding local services such as schools, public safety, and infrastructure. Homeowners must budget for these expenses, as they can significantly impact the affordability of homeownership. Compared to the national median property tax rate of 0.99%, Carrollton's property taxes can be seen as a crucial factor in the overall cost of living in the area.
Average Carrollton Tax Bill
$1,536
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carrollton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62016 | $359 | $872 | $1,536 | $2,325 | $3,364 |
Source: Ownwell