Alexis, Illinois Property Taxes
The median property tax rate in Alexis, IL is 1.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Alexis, the typical annual property tax bill reaches $4,662, exceeding the national median of $2,690. Property taxes in Alexis 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 Alexis'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 Alexis 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
Alexis, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$3,593
$3,334
Ownwell’s Alexis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alexis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alexis 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 Alexis, Illinois
Property taxes in Alexis, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alexis is 1.66%, higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Alexis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alexis 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 Alexis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61412 zip code has the highest median property tax rate of 1.66%, while the 61412 zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Alexis provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alexis Tax Rate
1.66%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alexis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61412 | 0.21% | 0.22% | 1.66% | 2.15% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Alexis, Illinois
In Alexis, 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 Knox 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 Alexis, 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 Alexis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Alexis are both $4,662, found in the 61412 zip code.
Average Alexis Assessed Value
$216,420
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alexis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61412 | $138,252 | $202,350 | $216,420 | $2,034,630 | $3,178,685 |
Source: Ownwell
Property Tax Bills Across Alexis, Illinois
Property tax bills in Alexis, located in Knox County, IL, are determined 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 calculate the tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. In Alexis, the median home price is $216,420, and property tax bills vary significantly. For instance, at the 25th percentile, homeowners pay around $4,176, while those at the 75th percentile see bills closer to $4,686. At the 90th percentile, the tax bill can escalate to $7,160. Comparatively, the national median property tax rate is 0.99%, making Alexis's rates notably higher. These property taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting the community's quality of life. For homeowners, this means that while property taxes can be a significant annual expense, they also contribute to the overall well-being and development of their locality.
Average Alexis Tax Bill
$4,662
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alexis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61412 | $2,624 | $4,176 | $4,662 | $4,686 | $7,160 |
Source: Ownwell