Alpha, Illinois Property Taxes
The median property tax rate in ALPHA, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in ALPHA, the typical annual property tax bill reaches $4,152, exceeding the national median of $2,690. Property taxes in ALPHA 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 ALPHA'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 ALPHA 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
Alpha, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$4,245
$3,939
Ownwell’s ALPHA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ALPHA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ALPHA 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 Alpha, Illinois
Property taxes in ALPHA, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ALPHA is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within ALPHA set these rates annually, and they can vary significantly across different neighborhoods. Each year, ALPHA 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 ALPHA's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61413 has the highest median property tax rate of 2.65%, while the zip code 61413 also has the lowest median tax rate of 2.65%. Understanding how these areas compare with ALPHA 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 Alpha Tax Rate
2.65%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | 2.44% | 2.47% | 2.65% | 2.66% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Alpha, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in ALPHA, 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 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 ALPHA, 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. For instance, the median home price in ALPHA is $160,170, with tax bills ranging from $4,076 at the 25th percentile to $5,296 at the 90th percentile. The highest and lowest median tax bills are both $4,152 in the 61413 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alpha Assessed Value
$160,170
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 Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | $123,624 | $156,420 | $160,170 | $168,900 | $190,914 |
Source: Ownwell
Property Tax Bills Across Alpha, Illinois
In ALPHA, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The county assessor determines this assessed value, taking into account factors such as property size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Homeowners in ALPHA experience varied property tax bills, with the 25th percentile paying around $4,076, while those in the 75th percentile face bills of approximately $4,264. At the 90th percentile, the tax bill can rise to $5,296. Comparatively, the national median property tax rate is 0.99%, which can help put these figures into perspective for residents. High property taxes can significantly impact homeowners, influencing their overall cost of living and potentially affecting property values. Understanding how these taxes are calculated can help homeowners better plan their finances and anticipate annual expenses.
Average Alpha Tax Bill
$4,152
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alpha, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61413 | $3,138 | $4,076 | $4,152 | $4,264 | $5,296 |
Source: Ownwell