Atkinson, Illinois Property Taxes
The median property tax rate in Atkinson, IL is 2.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Atkinson, the typical annual property tax bill reaches $2,690, matching the national median. Property taxes in Atkinson 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 Atkinson'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 Atkinson 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
Atkinson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$2,878
$2,812
Ownwell’s Atkinson Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Atkinson. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate specific to Atkinson to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular insights, additional neighborhood-level trends are available as you scroll down. Your property's assessed value, determined by Henry County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Atkinson, Illinois
Property taxes in Atkinson, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atkinson is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Atkinson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atkinson 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 Atkinson's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61235 has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Atkinson provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atkinson Tax Rate
2.28%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atkinson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61235 | 1.63% | 2.05% | 2.28% | 2.47% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Atkinson, Illinois
In Atkinson, 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 Henry 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 Atkinson, 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 Atkinson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61235 has the highest and lowest median tax bill, both at $2,690, reflecting the uniformity in property tax assessments within the area.
Average Atkinson Assessed Value
$126,222
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atkinson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61235 | $56,885 | $83,889 | $126,222 | $175,866 | $271,312 |
Source: Ownwell
Property Tax Bills Across Atkinson, Illinois
In Atkinson, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Atkinson is $126,222, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Atkinson experience a range of property tax bills, with the 25th percentile bill at $1,720 and the 75th percentile reaching $4,031. For those in the 90th percentile, tax bills can go as high as $6,238. This variability means that property taxes can significantly impact household budgets, particularly for higher-value properties. The highest and lowest median tax bills in the area both stand at $2,690, which is notably higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Atkinson Tax Bill
$2,690
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Atkinson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61235 | $988 | $1,720 | $2,690 | $4,031 | $6,238 |
Source: Ownwell