Wilmington, Illinois Property Taxes
The median property tax rate in Wilmington, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wilmington, the typical annual property tax bill reaches $4,059, exceeding the national median of $2,690. Property taxes in Wilmington 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 Wilmington'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 Wilmington 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
Wilmington, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Wilmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wilmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wilmington 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 Wilmington, Illinois
Property taxes in Wilmington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wilmington is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wilmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wilmington 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 Wilmington's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60481 has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Wilmington provides valuable insights into the varying tax landscape across Kankakee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wilmington Tax Rate
2.56%
Average Kankakee County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | 1.85% | 2.19% | 2.56% | 2.79% | 3.32% |
Source: Ownwell
Property Tax Assessment Values Across Wilmington, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wilmington, 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 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 Wilmington, 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 Wilmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wilmington is $179,714, with tax bills ranging from $2,348 at the 25th percentile to $6,602 at the 90th percentile. The highest and lowest median tax bills, both at $4,059, are found in the 60481 zip code.
Average Wilmington Assessed Value
$179,714
Average Kankakee County Assessed Value
$137,616
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $47,526 | $109,668 | $179,714 | $250,177 | $313,937 |
Source: Ownwell
Property Tax Bills Across Wilmington, Illinois
In Wilmington, located in Kankakee County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Various local tax rates, set by different taxing authorities such as school districts, municipalities, and special districts, are then applied to this assessed value to calculate the final tax bill. Homeowners in Wilmington can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $2,348, while those in the 75th percentile see bills closer to $6,078. At the 90th percentile, tax bills can reach up to $6,602. The median property tax rate in Wilmington is notably higher than the national median of 0.99%, reflecting the specific local funding needs and budgetary requirements. These property taxes significantly impact homeowners by contributing to essential public services such as education, infrastructure, and emergency services, thereby influencing the overall quality of life in the community.
Average Wilmington Tax Bill
$4,059
Average Kankakee County Tax Bill
$4,151
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wilmington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60481 | $1,276 | $2,348 | $4,059 | $6,078 | $6,602 |
Source: Ownwell