Toulon, Illinois Property Taxes
The median property tax rate in Toulon, IL is 2.13%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Toulon at $195,609, the typical annual property tax bill reaches $4,162, exceeding the national median of $2,690. Property taxes in Toulon 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 Toulon'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 Toulon 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
Toulon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$4,166
$3,866
Ownwell’s Toulon Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Toulon with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Toulon to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, you can scroll down to explore trends at the neighborhood level. Your property’s assessed value, assigned by the county, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across Toulon, Illinois
Property taxes in Toulon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toulon is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Toulon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toulon 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 Toulon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61483 zip code has the highest median property tax rate of 2.13%, while the 61483 zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Toulon 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 Toulon Tax Rate
2.13%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | 1.59% | 1.74% | 2.13% | 2.56% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Toulon, Illinois
In Toulon, 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 Toulon, 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 example, the median home price in Toulon is $195,609, with tax bills ranging from $1,787 at the 25th percentile to $5,846 at the 90th percentile. The highest and lowest median tax bills in the area are both $4,162, found in the 61483 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 Toulon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toulon Assessed Value
$195,609
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 Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | $89,425 | $102,822 | $195,609 | $200,745 | $228,447 |
Source: Ownwell
Property Tax Bills Across Toulon, Illinois
In Toulon, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the home's location, size, and condition, as well as the local government's budget requirements. Homeowners in Toulon can expect a range of tax bills. For instance, the 25th percentile tax bill is around $1,787, while the 75th percentile reaches $5,156, and the 90th percentile goes up to $5,846. These figures show a broad range of what homeowners might pay depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Toulon's rates can significantly impact homeowners' finances. Understanding these factors is crucial for homeowners to budget effectively and potentially seek exemptions or appeals to manage their property tax obligations better.
Average Toulon Tax Bill
$4,162
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | $1,444 | $1,787 | $4,162 | $5,156 | $5,846 |
Source: Ownwell