Carbon Hill, Illinois Property Taxes
The median property tax rate in Carbon Hill, IL is 2.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Carbon Hill, the typical annual property tax bill reaches $1,077, exceeding the national median of $2,690. Property taxes in Carbon Hill 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 Carbon Hill'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 Carbon Hill 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
Carbon Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.03%
Estimate Property Tax Bill
$1,075
$1,050
Ownwell’s Carbon Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carbon Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carbon Hill 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 Carbon Hill, Illinois
Property taxes in Carbon Hill, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carbon Hill is 2.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Carbon Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carbon Hill 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 Carbon Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60416 zip code has both the highest and lowest median property tax rate of 2.03%. Understanding how these areas compare with Carbon Hill provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carbon Hill Tax Rate
2.03%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carbon Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Carbon Hill, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carbon Hill, Illinois. The market value represents 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 Grundy 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 Carbon Hill, 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. The median home price in Carbon Hill is $52,952, and the tax bills range from $665 at the 25th percentile to $3,803 at the 90th percentile. The zip code 60416 has both the highest and lowest median tax bill at $1,077. Being aware of these valuation processes in Carbon Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carbon Hill Assessed Value
$52,952
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carbon Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $18,766 | $32,513 | $52,952 | $130,843 | $186,970 |
Source: Ownwell
Property Tax Bills Across Carbon Hill, Illinois
In Carbon Hill, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Grundy County assessor and typically reflects a percentage of the property's market value. For example, with a median home price of $52,952, homeowners can expect varying tax bills depending on their specific circumstances. Factors such as property size, location, and improvements can influence the assessed value. In Carbon Hill, tax bills can range significantly, with the 25th percentile at $665 and the 75th percentile reaching $2,661. At the 90th percentile, tax bills can go up to $3,803. These figures show that homeowners in Carbon Hill might pay more or less than the national median property tax rate of 0.99%, depending on their property's assessed value and applicable exemptions. Understanding these factors helps homeowners anticipate their tax liabilities and plan accordingly, ensuring they are prepared for their financial responsibilities.
Average Carbon Hill Tax Bill
$1,077
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Carbon Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60416 | $382 | $665 | $1,077 | $2,661 | $3,803 |
Source: Ownwell