Ingraham, Illinois Property Taxes
The median property tax rate in Ingraham, IL is 6.10%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $36,700 in Ingraham, the typical annual property tax bill reaches $2,161, which is still below the national median of $2,690. Property taxes in Ingraham 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 Ingraham'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 Ingraham 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
Ingraham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.1%
Estimate Property Tax Bill
$2,239
$2,077
Ownwell’s Ingraham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ingraham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ingraham 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 Ingraham, Illinois
Property taxes in Ingraham, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ingraham is 6.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ingraham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ingraham estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all assessed 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 Ingraham's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62434 zip code has both the highest and lowest median property tax rate of 6.10%. Understanding how these areas compare with Ingraham provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ingraham Tax Rate
6.10%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ingraham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62434 | 3.30% | 4.74% | 6.10% | 6.94% | 7.33% |
Source: Ownwell
Property Tax Assessment Values Across Ingraham, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ingraham, Illinois. 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 Jasper 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 Ingraham, 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 Ingraham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62434 has the highest and lowest median tax bill, both at $2,161.
Average Ingraham Assessed Value
$36,700
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ingraham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62434 | $7,024 | $22,565 | $36,700 | $58,740 | $77,547 |
Source: Ownwell
Property Tax Bills Across Ingraham, Illinois
In Ingraham, located in Jasper County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value determined by the county assessor. For instance, with a median home price of $36,700, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $987, while those in the 75th percentile may see bills as high as $3,307. At the 90th percentile, tax bills can reach up to $4,993. These variations are influenced by several factors, including property characteristics, local government budgets, and public service funding needs. The highest median tax bill in the area is $2,161, which is relatively modest compared to the national median property tax rate of 0.99%. For homeowners, understanding how these elements contribute to their tax bill is crucial for financial planning and anticipating annual expenses.
Average Ingraham Tax Bill
$2,161
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ingraham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62434 | $430 | $987 | $2,161 | $3,307 | $4,993 |
Source: Ownwell