Elizabethtown, Illinois Property Taxes
The median property tax rate in Elizabethtown, IL is 1.65%, considerably lower than the Illinois state median of 2.35% but still higher than the national median of 0.99%. With the median home value in Elizabethtown at $33,711, the typical annual property tax bill reaches $472, which is significantly below the national median of $2,690. Property taxes in Elizabethtown 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 Elizabethtown'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 Elizabethtown 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
Elizabethtown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$556
$516
Ownwell’s Elizabethtown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elizabethtown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elizabethtown 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 Elizabethtown, Illinois
Property taxes in Elizabethtown, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elizabethtown is 1.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elizabethtown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elizabethtown 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 Elizabethtown's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62931 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these figures compare with Elizabethtown 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 Elizabethtown Tax Rate
1.65%
Average Hardin County Tax Rate
1.76%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | 0.52% | 1.02% | 1.65% | 1.76% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Elizabethtown, Illinois
In Elizabethtown, 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 Hardin 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 Elizabethtown, 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. For instance, the highest median tax bill in the area is $472.00 in zip code 62931, while the lowest is also $472.00 in the same zip code. 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 Elizabethtown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elizabethtown Assessed Value
$33,711
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 Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | $5,915 | $15,464 | $33,711 | $67,500 | $104,977 |
Source: Ownwell
Property Tax Bills Across Elizabethtown, Illinois
In Elizabethtown, property tax bills are calculated based on the assessed value of a home, which represents a percentage of its market value. For homeowners, this means that the amount they owe in property taxes is directly tied to the value of their property. Various factors influence the tax bill, including the local tax rate and any applicable exemptions or deductions. The median home price in Elizabethtown is $33,711, which is significantly lower than the national median. As a result, property tax bills in this area tend to be lower. For instance, the 25th percentile tax bill is $189, while the 75th percentile reaches $960. At the higher end, the 90th percentile tax bill can be as much as $1,636. These figures illustrate the range of property tax bills homeowners might expect. Even at the highest median tax bill of $472, homeowners in Elizabethtown benefit from relatively affordable property taxes compared to the national median property tax rate of 0.99%.
Average Elizabethtown Tax Bill
$472
Average Hardin County Tax Bill
$437
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elizabethtown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62931 | $86 | $189 | $472 | $960 | $1,636 |
Source: Ownwell