El Paso, Illinois Property Taxes
The median property tax rate in El Paso, IL is 2.14%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in El Paso, the typical annual property tax bill reaches $2,121, which is below the national median of $2,690. Property taxes in El Paso 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 El Paso'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 El Paso 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
El Paso, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$2,125
$2,077
Ownwell’s El Paso Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in El Paso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Paso 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 El Paso, Illinois
Property taxes in El Paso, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in El Paso is 2.14%, which is notably higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within El Paso set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Paso 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 El Paso’s effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61738 has both the highest and lowest median property tax rate of 2.14%. Understanding how these cities compare with El Paso provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average El Paso Tax Rate
2.14%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 2.14% | 2.14% | 2.14% | 2.14% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, Illinois
In El Paso, 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 Johnson 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 El Paso, 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 El Paso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61738 has the highest and lowest median tax bill, both at $2,121.
Average El Paso Assessed Value
$99,321
Average Johnson County Assessed Value
$71,244
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $99,321 | $99,321 | $99,321 | $99,321 | $99,321 |
Source: Ownwell
Property Tax Bills Across El Paso, Illinois
Property tax bills in El Paso, located in Johnson County, IL, 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. Several factors influence the assessed value, including the property's location, size, and condition. In El Paso, the median home price is $99,321, and the property tax rate is significantly higher than the national median of 0.99%. Homeowners in El Paso can expect a median tax bill of $2,121, which is consistent across various percentiles, from the 25th to the 90th. This uniformity indicates a relatively stable property tax environment. The highest and lowest median tax bills in the area are also $2,121, highlighting the consistency in tax assessments. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average El Paso Tax Bill
$2,121
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $2,121 | $2,121 | $2,121 | $2,121 | $2,121 |
Source: Ownwell