Paducah, Illinois Property Taxes
The median property tax rate in Paducah, IL is 2.46%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $202,506 in Paducah, the typical annual property tax bill reaches $4,991, well above the national median of $2,690. Property taxes in Paducah are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Paducah'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 Paducah 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
Paducah, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$4,982
$4,868
Ownwell’s Paducah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paducah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paducah 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 Paducah, Illinois
Property taxes in Paducah, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Paducah is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Paducah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paducah 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 Paducah's effective property tax rate to other counties in Illinois and the national median. For comparison, the 42001 zip code has the highest median property tax rate of 2.46%, while the 42001 zip code also has the lowest median tax rate of 2.46%. Understanding how these areas compare with Paducah 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 Paducah Tax Rate
2.46%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paducah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | 2.46% | 2.46% | 2.46% | 2.46% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Paducah, Illinois
In Paducah, 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 Paducah, 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 Paducah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $4,991 in the 42001 zip code.
Average Paducah Assessed Value
$202,506
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 Paducah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | $202,506 | $202,506 | $202,506 | $202,506 | $202,506 |
Source: Ownwell
Property Tax Bills Across Paducah, Illinois
In Paducah, Johnson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Paducah is $202,506, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the local tax rate, property assessments, and any applicable exemptions or deductions. Homeowners in Paducah can expect a median property tax bill of $4,991, which is significantly higher than the national median property tax rate of 0.99%. This high tax bill can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and financial planning. Understanding how these factors interact helps homeowners better anticipate their annual property tax liabilities and manage their budgets accordingly.
Average Paducah Tax Bill
$4,991
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Paducah, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | $4,991 | $4,991 | $4,991 | $4,991 | $4,991 |
Source: Ownwell