Jacob, Illinois Property Taxes
The median property tax rate in Jacob, IL is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Jacob, the typical annual property tax bill reaches $1,267, exceeding the national median of $2,690. Property taxes in Jacob 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 Jacob'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 Jacob 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
Jacob, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Jacob Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jacob with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jacob 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 Jacob, Illinois
Property taxes in Jacob, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jacob stands at 2.04%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Jacob set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jacob 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 Jacob's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62950 has both the highest and lowest median property tax rate of 2.04%. Understanding how these cities compare with Jacob 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 Jacob Tax Rate
2.04%
Average Jackson County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jacob, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62950 | 0.88% | 1.62% | 2.04% | 2.69% | 3.11% |
Source: Ownwell
Property Tax Assessment Values Across Jacob, Illinois
In Jacob, Illinois, grasping the difference between "market value" and "assessed value" is essential for understanding property taxes. The market value reflects the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Jackson County Assessor for tax purposes. Conversely, 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 Jacob, 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 median home price is $58,964, with tax bills ranging from $700 at the 25th percentile to $3,740 at the 90th percentile. The highest and lowest median tax bills are both $1,267 in the 62950 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Jacob Assessed Value
$58,964
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 Jacob, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62950 | $22,697 | $38,148 | $58,964 | $94,278 | $131,803 |
Source: Ownwell
Property Tax Bills Across Jacob, Illinois
Property tax bills in Jacob, located in Jackson County, IL, are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is typically a fraction of the property's market value. For homeowners in Jacob, the median home price is $58,964. The property tax rate in Jackson County is applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. Homeowners in Jacob can expect tax bills to vary significantly; for instance, the 25th percentile tax bill is around $700, while the 75th percentile tax bill reaches $2,417. Those in the 90th percentile can see bills as high as $3,740. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Jacob's property taxes can represent a significant expense for homeowners, highlighting the importance of understanding and managing property tax obligations.
Average Jacob Tax Bill
$1,267
Average Jackson County Tax Bill
$2,391
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Jacob, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62950 | $221 | $700 | $1,267 | $2,417 | $3,740 |
Source: Ownwell