Walnut Hill, Illinois Property Taxes
The median property tax rate in Walnut Hill, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Walnut Hill, the typical annual property tax bill reaches $1,173, which is lower than the national median of $2,690. Property taxes in Walnut 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 Walnut 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 Walnut 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
Walnut Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$1,328
$1,233
Ownwell’s Walnut Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut 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 Walnut Hill, Illinois
Property taxes in Walnut Hill, Illinois, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Hill is 1.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walnut Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62893 zip code has the highest median property tax rate of 1.95%, while the 62893 zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Walnut Hill 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 Walnut Hill Tax Rate
1.95%
Average Jefferson County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | 1.08% | 1.43% | 1.95% | 2.25% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Hill, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Walnut Hill, 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 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 Walnut 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. 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 Walnut Hill 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 62893, with a median tax bill of $1,173.
Average Walnut Hill Assessed Value
$68,127
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 Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | $13,461 | $30,166 | $68,127 | $124,542 | $185,676 |
Source: Ownwell
Property Tax Bills Across Walnut Hill, Illinois
In Walnut Hill, Jefferson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Walnut Hill is $68,127. Homeowners can expect tax bills to vary significantly, with the 25th percentile tax bill at $579 and the 75th percentile reaching $2,464. The 90th percentile tax bill can go up to $3,705. These variations are influenced by factors such as property size, location, and local tax rates. The highest median tax bill recorded in the area is $1,173, which is consistent across the zip code 62893. Compared to the national median property tax rate of 0.99%, Walnut Hill's tax rates can have a substantial impact on homeowners, potentially adding a significant annual expense. Understanding these factors is crucial for homeowners to budget accordingly and possibly seek exemptions or appeals to manage their tax liabilities effectively.
Average Walnut Hill Tax Bill
$1,173
Average Jefferson County Tax Bill
$1,229
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | $228 | $579 | $1,173 | $2,464 | $3,705 |
Source: Ownwell