Wrights, Illinois Property Taxes
The median property tax rate in Wrights, IL is 1.97%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Wrights at $32,735, the typical annual property tax bill reaches $411, significantly below the national median of $2,690. Property taxes in Wrights 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 Wrights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Wrights 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
Wrights, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.97%
Estimate Property Tax Bill
$645
$630
Ownwell’s Wrights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wrights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wrights 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 Wrights, Illinois
Property taxes in Wrights, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wrights is 1.97%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wrights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wrights 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 Wrights' effective property tax rate to other counties in Illinois and the national median. For comparison, the 62098 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Wrights 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 Wrights Tax Rate
1.97%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wrights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62098 | 1.01% | 1.38% | 1.97% | 2.38% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Wrights, Illinois
In Wrights, 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 Assessor 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 Wrights, 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 Wrights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 62098, at $411.
Average Wrights Assessed Value
$32,735
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 Wrights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62098 | $2,537 | $7,710 | $32,735 | $53,412 | $69,228 |
Source: Ownwell
Property Tax Bills Across Wrights, Illinois
In Wrights, located in 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. Homeowners in Wrights face a property tax rate that is reflective of the county's overall tax policies. The median home price in Wrights is $32,735, and property tax bills can vary significantly. For instance, the 25th percentile of tax bills is $125, while the 75th percentile reaches $811, and the 90th percentile goes up to $1,588. These tax bills are influenced by various factors, including the property's assessed value, local tax rates, and applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rate in Wrights may seem relatively modest, but it can still have a considerable impact on homeowners, especially those with higher-valued properties. Understanding these factors is crucial for homeowners to manage their expenses and anticipate their annual tax obligations.
Average Wrights Tax Bill
$411
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wrights, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62098 | $60 | $125 | $411 | $811 | $1,588 |
Source: Ownwell