Wheeler, Illinois Property Taxes
The median property tax rate in Wheeler, IL is 7.18%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wheeler at $44,220, the typical annual property tax bill reaches $2,784, which is just above the national median of $2,690. Property taxes in Wheeler are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Wheeler'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 Wheeler 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
Wheeler, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.18%
Estimate Property Tax Bill
$3,175
$2,946
Ownwell’s Wheeler Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wheeler with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Wheeler to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Wheeler, Illinois
Property taxes in Wheeler, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheeler is 2.15%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Wheeler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheeler 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 Wheeler's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62479 zip code has the highest median property tax rate of 2.15%, while the same zip code also has the lowest median tax rate of 2.15%. Understanding how these cities compare with Wheeler 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 Wheeler Tax Rate
7.18%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | 2.64% | 5.49% | 7.18% | 7.78% | 8.46% |
Source: Ownwell
Property Tax Assessment Values Across Wheeler, Illinois
Understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes in Wheeler, Illinois. Market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. On the other hand, the assessed value is derived from the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Wheeler, 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 these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wheeler is $44,220, with tax bills ranging from $1,682 at the 25th percentile to $6,355 at the 90th percentile. The zip code 62479 has the highest and lowest median tax bill at $2,784.
Average Wheeler Assessed Value
$44,220
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 Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | $9,466 | $25,265 | $44,220 | $63,815 | $92,410 |
Source: Ownwell
Property Tax Bills Across Wheeler, Illinois
In Wheeler, located in Jasper County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, a median home price of $44,220 in Wheeler can lead to varying tax bills depending on several factors. Homeowners in the 25th percentile might expect a tax bill around $1,682, while those in the 75th percentile could see bills as high as $4,627. The 90th percentile tax bill can reach up to $6,355. The highest and lowest median tax bills in the area are both $2,784, indicating a relatively uniform distribution of tax burdens across different properties. These tax bills are influenced by factors such as property location, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Wheeler's tax rates can significantly impact homeowners, making it crucial for them to understand how their property is assessed and the potential financial implications.
Average Wheeler Tax Bill
$2,784
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | $474 | $1,682 | $2,784 | $4,627 | $6,355 |
Source: Ownwell