Mount Vernon, Illinois Property Taxes
The median property tax rate in Mount Vernon, IL is 2.38%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Vernon, the typical annual property tax bill reaches $1,368, which is below the national median of $2,690. Property taxes in Mount Vernon 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 Mount Vernon'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 Mount Vernon or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Vernon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$1,534
$1,423
Ownwell’s MOUNT VERNON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT VERNON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT VERNON 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 Mount Vernon, Illinois
Property taxes in Mount Vernon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 2.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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. Understanding how Mount Vernon's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Vernon Tax Rate
2.38%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62864 | 1.16% | 1.80% | 2.38% | 2.96% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Illinois
In Mount Vernon, 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 Jefferson 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 Mount Vernon, 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 Mount Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62864, with a median bill of $1,368.
Average Mount Vernon Assessed Value
$64,438
Average Jefferson County Assessed Value
$61,827
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62864 | $14,919 | $27,442 | $64,438 | $119,065 | $182,172 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Illinois
In Mount Vernon, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, in Jefferson County, where Mount Vernon is located, the median home price is $64,438. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $579 and the 75th percentile reaching $2,798. The 90th percentile tax bill can go as high as $4,437. Several factors influence the property tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's quality of life. Comparatively, the median property tax rate in Mount Vernon is higher than the national median of 0.99%, reflecting the local government's funding needs and priorities.
Average Mount Vernon Tax Bill
$1,368
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62864 | $239 | $579 | $1,368 | $2,798 | $4,437 |
Source: Ownwell