Mount Carmel, Illinois Property Taxes
The median property tax rate in Mount Carmel, IL is 2.54%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Carmel at $13,707, the typical annual property tax bill is $349, which is considerably lower than the national median of $2,690. Property taxes in Mount Carmel 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 Carmel'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 Carmel 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
Mount Carmel, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$348
$323
Ownwell’s Mount Carmel Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mount Carmel using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Carmel 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 Carmel, Illinois
Property taxes in Mount Carmel, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Carmel is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Carmel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Carmel 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 Mount Carmel's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62863 zip code has both the highest and lowest median property tax rate of 2.54%. Understanding how these cities compare with Mount Carmel provides valuable insights into the varying tax landscape across Wabash County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Carmel Tax Rate
2.54%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | 2.54% | 2.54% | 2.54% | 2.54% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Mount Carmel, Illinois
In Mount Carmel, 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 local 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 Carmel, 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 Carmel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $349, with the zip code 62863.
Average Mount Carmel Assessed Value
$13,707
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 Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $13,707 | $13,707 | $13,707 | $13,707 | $13,707 |
Source: Ownwell
Property Tax Bills Across Mount Carmel, Illinois
In Mount Carmel, IL, property tax bills are calculated based on the assessed value of a home, 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. For instance, with a median home price of $13,707, homeowners can expect a consistent tax bill, typically around $349, as indicated by the 25th, 75th, and 90th percentiles. This uniform tax bill reflects the local policies and economic conditions in Johnson County. Factors such as property location, home improvements, and exemptions can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Mount Carmel's property tax rate results in a relatively low tax burden for homeowners, making it an attractive area for those looking to manage their housing costs effectively. This consistency in tax bills provides homeowners with predictable expenses, aiding in better financial planning and stability.
Average Mount Carmel Tax Bill
$349
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Carmel, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62863 | $349 | $349 | $349 | $349 | $349 |
Source: Ownwell