Tunnel Hill, Illinois Property Taxes
The median property tax rate in Tunnel Hill, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tunnel Hill at $68,920, the typical annual property tax bill reaches $1,203, which is below the national median of $2,690. Property taxes in Tunnel 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 Tunnel 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 Tunnel 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
Tunnel Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$1,454
$1,421
Ownwell’s Tunnel Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunnel Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunnel 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 Tunnel Hill, Illinois
Property taxes in Tunnel Hill, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tunnel Hill is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tunnel Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tunnel 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 Tunnel Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62972 zip code has the highest median property tax rate of 2.11%, while the 62972 zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Tunnel Hill 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 Tunnel Hill Tax Rate
2.11%
Average Johnson County Tax Rate
2.14%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | 0.96% | 1.61% | 2.11% | 2.38% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Tunnel Hill, Illinois
In Tunnel Hill, 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 Tunnel 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. The median home price in Tunnel Hill is $68,920, with tax bills ranging significantly— from the 25th percentile at $508 to the 75th percentile at $2,639, and the 90th percentile reaching $4,034. 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 Tunnel Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tunnel Hill Assessed Value
$68,920
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 Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $14,994 | $31,145 | $68,920 | $137,820 | $198,959 |
Source: Ownwell
Property Tax Bills Across Tunnel Hill, Illinois
In Tunnel Hill, located in Johnson County, 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 final tax bill. For homeowners in Tunnel Hill, the median home price stands at $68,920. The property tax bills vary significantly, with the 25th percentile tax bill being approximately $508, and the 75th percentile tax bill reaching up to $2,639. For those in the 90th percentile, the tax bill can be as high as $4,034. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community. Homeowners in Tunnel Hill should be aware of these factors and consider appealing their property tax assessments if they believe their home has been overvalued. This can potentially reduce their tax burden and ensure they are paying a fair amount relative to their property's worth.
Average Tunnel Hill Tax Bill
$1,203
Average Johnson County Tax Bill
$1,237
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunnel Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62972 | $219 | $508 | $1,203 | $2,639 | $4,034 |
Source: Ownwell