Wilmington, Illinois Property Taxes
The median property tax rate in Wilmington, IL is 1.70%, notably higher than the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $223,602 in Wilmington, the typical annual property tax bill reaches $3,912, surpassing the national median of $2,690. Property taxes in Wilmington are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Navigating Wilmington'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 Wilmington 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
Wilmington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$3,801
$3,527
Ownwell’s Wilmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmington 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 Wilmington, Illinois
Property taxes in Wilmington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmington is 1.70%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wilmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmington 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 Wilmington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60481 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these areas compare with Wilmington 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 Wilmington Tax Rate
1.70%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | 1.70% | 1.70% | 1.70% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Wilmington, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilmington, 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 Grundy 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 Wilmington, 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. The median home price in Wilmington is $223,602, with tax bills ranging from $3,135 at the 25th percentile to $6,519 at the 90th percentile. The highest and lowest median tax bills are both $3,912 in zip code 60481. 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 Wilmington Assessed Value
$223,602
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 Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $93,653 | $174,006 | $223,602 | $286,977 | $383,594 |
Source: Ownwell
Property Tax Bills Across Wilmington, Illinois
In Wilmington, located in Grundy County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. For instance, if a home has a median price of $223,602, the assessed value will be a fraction of this amount, depending on the county's assessment practices. Tax rates in Wilmington can vary, but the median tax bill provides a clear picture of what homeowners might expect. The median property tax bill is $3,912, with the 25th percentile at $3,135 and the 75th percentile at $4,979. Higher-value properties can see tax bills reaching up to $6,519 at the 90th percentile. These figures highlight how property taxes can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors helps homeowners anticipate their annual tax responsibilities and budget accordingly.
Average Wilmington Tax Bill
$3,912
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $1,830 | $3,135 | $3,912 | $4,979 | $6,519 |
Source: Ownwell