Eldred, Illinois Property Taxes
The median property tax rate in Eldred, IL is 1.60%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $47,657 in Eldred, the typical annual property tax bill amounts to $656, significantly lower than the national median of $2,690. Property taxes in Eldred are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Eldred's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Eldred or another part of Greene County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eldred, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$763
$745
Ownwell’s Eldred Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldred with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldred 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 Eldred, Illinois
Property taxes in Eldred, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldred is 1.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eldred set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldred 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 Eldred's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62027 has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these cities compare with Eldred 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 Eldred Tax Rate
1.60%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldred, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62027 | 0.77% | 1.25% | 1.60% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Eldred, Illinois
In Eldred, 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 Eldred, 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. Eldred's median home price is $47,657, with tax bills ranging from $274 at the 25th percentile to $2,139 at the 90th percentile. The highest and lowest median tax bill is $656, found in the zip code 62027. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eldred Assessed Value
$47,657
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 Eldred, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62027 | $7,304 | $27,903 | $47,657 | $86,110 | $122,565 |
Source: Ownwell
Property Tax Bills Across Eldred, Illinois
In Eldred, located in Greene County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Eldred is $47,657, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. For instance, the 25th percentile tax bill is $274, while the 75th percentile tax bill is $1,316, and the 90th percentile tax bill is $2,139. The highest and lowest median tax bills in the area both stand at $656, indicating a relatively stable tax environment. These property taxes directly impact homeowners by contributing to essential services like education, infrastructure, and emergency services. When compared to the national median property tax rate of 0.99%, Eldred's property taxes can be seen as a reflection of the local economic and governmental landscape, affecting overall affordability and cost of living for residents.
Average Eldred Tax Bill
$656
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldred, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62027 | $127 | $274 | $656 | $1,316 | $2,139 |
Source: Ownwell