Coal Valley, Illinois Property Taxes
The median property tax rate in Coal Valley, IL is 2.30%, notably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $244,998, the typical annual property tax bill in Coal Valley reaches $5,345, significantly exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Coal Valley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Coal Valley or another part of the city, being informed about the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coal Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$5,635
$5,229
Ownwell’s Coal Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coal Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coal Valley 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 Coal Valley, Illinois
Property taxes in Coal Valley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coal Valley is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Coal Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coal Valley 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 Coal Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61240 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these areas compare with Coal Valley 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 Coal Valley Tax Rate
2.30%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | 1.96% | 2.16% | 2.30% | 2.42% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Coal Valley, Illinois
In Coal Valley, 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. 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 Coal Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Coal Valley's median home price stands at $244,998, with the highest median tax bill in zip code 61240 being $5,345 and the lowest median tax bill also in zip code 61240 being $5,345.
Average Coal Valley Assessed Value
$244,998
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 Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | $113,754 | $184,596 | $244,998 | $350,262 | $439,772 |
Source: Ownwell
Property Tax Bills Across Coal Valley, Illinois
Property tax bills in Coal Valley, located in Henry County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value. For example, with a median home price of $244,998, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate in their area. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and local government budget needs. In Coal Valley, the 25th percentile tax bill is around $3,762, while the 75th percentile reaches up to $8,188. The 90th percentile can see tax bills as high as $10,714. These property taxes significantly impact homeowners, as they can represent a substantial annual expense. Compared to the national median property tax rate of 0.99%, homeowners in Coal Valley may find their tax bills relatively high, which underscores the importance of understanding local tax assessments and potential exemptions to manage these costs effectively.
Average Coal Valley Tax Bill
$5,345
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coal Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61240 | $2,213 | $3,762 | $5,345 | $8,188 | $10,714 |
Source: Ownwell