Yale, Illinois Property Taxes
The median property tax rate in Yale, IL is 6.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Yale, the typical annual property tax bill reaches $1,507, exceeding the national median of $2,690. Property taxes in Yale 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 Yale'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 Yale 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
Yale, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
6.91%
Estimate Property Tax Bill
$1,691
$1,569
Ownwell’s Yale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yale 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 Yale, Illinois
Property taxes in Yale, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yale is 6.91%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Yale set these rates annually, and they can vary across different neighborhoods. Each year, Yale 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 Yale's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62481 has the highest median property tax rate of 6.91%, while the same zip code also has the lowest median tax rate of 6.91%. Understanding how these areas compare with Yale 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 Yale Tax Rate
6.91%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62481 | 3.02% | 5.40% | 6.91% | 8.10% | 8.39% |
Source: Ownwell
Property Tax Assessment Values Across Yale, Illinois
In Yale, 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 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 Yale, 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 Yale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62481 has both the highest and lowest median tax bill, valued at $1,507.
Average Yale Assessed Value
$24,470
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 Yale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62481 | $6,574 | $12,262 | $24,470 | $44,312 | $61,156 |
Source: Ownwell
Property Tax Bills Across Yale, Illinois
In Yale, located in Jasper County, IL, property tax bills are calculated based on the assessed value of the home, which is derived from the market value. Homeowners in Yale can expect their property tax bill to fall within a wide range, reflecting various factors such as property size, location, and improvements. For instance, the median home price in Yale is $24,470, and the property tax bill at the 25th percentile is $704, while at the 75th percentile, it rises to $3,138. The highest median tax bill in Yale is $1,507, a figure that stands out when compared to the national median property tax rate of 0.99%. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. By understanding how these bills are determined, homeowners can better anticipate their annual expenses and make informed decisions about property investments in Yale.
Average Yale Tax Bill
$1,507
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Yale, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62481 | $284 | $704 | $1,507 | $3,138 | $4,494 |
Source: Ownwell