Cave In Rock, Illinois Property Taxes
The median property tax rate in Cave In Rock, IL is 1.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Cave In Rock, the typical annual property tax bill reaches $411, significantly lower than the national median of $2,690. Property taxes in Cave In Rock 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 Cave In Rock'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 Cave In Rock 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
Cave In Rock, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$542
$503
Ownwell’s CAVE IN ROCK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAVE IN ROCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAVE IN ROCK 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 Cave In Rock, Illinois
Property taxes in Cave in Rock, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cave in Rock is 1.76%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Cave in Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cave in Rock 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 Cave in Rock's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62919 zip code has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these cities compare with Cave in Rock provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cave In Rock Tax Rate
1.76%
Average Hardin County Tax Rate
1.76%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cave In Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62919 | 0.70% | 1.12% | 1.76% | 1.84% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Cave In Rock, Illinois
In Cave In Rock, 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 local 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 Cave In Rock, 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 Cave In Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $30,804, with tax bills ranging from $178 at the 25th percentile to $1,290 at the 90th percentile. The highest and lowest median tax bills are both $411 in the 62919 zip code.
Average Cave In Rock Assessed Value
$30,804
Average Hardin County Assessed Value
$33,028
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cave In Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62919 | $6,278 | $13,906 | $30,804 | $58,791 | $87,892 |
Source: Ownwell
Property Tax Bills Across Cave In Rock, Illinois
In Cave In Rock, located in Hardin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $30,804, homeowners in this region face varying tax bills. At the 25th percentile, the tax bill is around $178, while at the 75th percentile, it rises to $827, and the 90th percentile sees bills as high as $1,290. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the community's quality of life. Homeowners in Cave In Rock might find the property tax rate relatively manageable compared to the national median property tax rate of 0.99%. However, understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Cave In Rock Tax Bill
$411
Average Hardin County Tax Bill
$437
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Cave In Rock, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62919 | $91 | $178 | $411 | $827 | $1,290 |
Source: Ownwell