Elkville, Illinois Property Taxes
The median property tax rate in Elkvillle, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elkvillle at $62,274, the typical annual property tax bill reaches $1,232, exceeding the national median of $2,690. Property taxes in Elkvillle 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 Elkvillle'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 Elkvillle 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
Elkville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$1,314
$1,284
Ownwell’s Elksville Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elksville to project your property tax bill. This valuable tool provides a clear picture of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Jackson County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Elkville, Illinois
Property taxes in Elkvile, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkvile is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elkvile set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkvile 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 Elkvile's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62932 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Elkvile provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkville Tax Rate
2.11%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | 0.99% | 1.53% | 2.11% | 2.84% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Elkville, Illinois
In Elkvillle, 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 Jackson County Assessment Office 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 Elkvillle, 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. The zip code with the highest median tax bill is 62932, at $1,232, which is significantly above the national median property tax rate of 0.99%. Being aware of these valuation processes in Elkvillle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elkville Assessed Value
$62,274
Average Jackson County Assessed Value
$84,759
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | $15,579 | $30,262 | $62,274 | $100,380 | $141,648 |
Source: Ownwell
Property Tax Bills Across Elkville, Illinois
In Elkvillle, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the market value of your property. In Elkvillle, located in Jackson County, the median home price is $62,274. Tax bills can vary significantly, with the 25th percentile at $544 and the 75th percentile reaching $2,149. The 90th percentile tax bill can go as high as $3,180. Several factors influence your property tax bill, including the assessed value of your home, local tax rates, and any exemptions for which you might qualify. Homeowners in Elkvillle need to be aware that their property tax rates can impact their overall housing costs, making it crucial to understand how these elements come together to determine the final bill. Compared to the national median property tax rate of 0.99%, Elkvillle's rates can offer both opportunities and challenges for homeowners.
Average Elkville Tax Bill
$1,232
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62932 | $295 | $544 | $1,232 | $2,149 | $3,180 |
Source: Ownwell