Willow Hill, Illinois Property Taxes
The median property tax rate in Willow Hill, IL is 6.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Willow Hill, the typical annual property tax bill reaches $1,501, exceeding the national median of $2,690. Property taxes in Willow Hill 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 Willow Hill'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 Willow Hill 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
Willow Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.55%
Estimate Property Tax Bill
$1,488
$1,381
Ownwell’s Willow Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Willow Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Willow Hill 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 Willow Hill, Illinois
Property taxes in Willow Hill, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Willow Hill is 6.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Willow Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Willow Hill 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 Willow Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62480 zip code holds both the highest and lowest median property tax rate of 6.55%. Understanding how these cities compare with Willow Hill 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 Willow Hill Tax Rate
6.55%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Willow Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62480 | 2.06% | 4.40% | 6.55% | 7.96% | 8.63% |
Source: Ownwell
Property Tax Assessment Values Across Willow Hill, Illinois
In Willow Hill, 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 Jasper County Assessor 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 Willow Hill, 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. The median home price stands at $22,715, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $564, while the 75th percentile tax bill reaches $2,722. The highest median tax bill in the area is $1,501, found in the 62480 zip code, which also holds the lowest median tax bill at the same value. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Willow Hill Assessed Value
$22,715
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 Willow Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62480 | $6,080 | $12,615 | $22,715 | $41,681 | $60,173 |
Source: Ownwell
Property Tax Bills Across Willow Hill, Illinois
In Willow Hill, located in Jasper County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Willow Hill, the median home price stands at $22,715. Property tax bills vary significantly, with the 25th percentile at $564 and the 75th percentile reaching $2,722. At the 90th percentile, tax bills can be as high as $3,846. These figures highlight the range of property tax obligations that homeowners might face, depending on their property's assessed value and applicable tax rates. Compared to the national median property tax rate of 0.99%, homeowners in Willow Hill experience a diverse spectrum of tax burdens, influenced by local assessments and tax policies. Understanding these factors can help homeowners better anticipate and manage their annual property tax expenses.
Average Willow Hill Tax Bill
$1,501
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Willow Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62480 | $231 | $564 | $1,501 | $2,722 | $3,846 |
Source: Ownwell