Elmwood, Knox County, Illinois Property Taxes

Name: Property Tax Bills Across Elmwood, Knox County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Elmwood, IL effective property tax rate: 1.98%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Elmwood, IL home value: $112,620
Median annual Elmwood, IL tax bill: $2,264, $136 lower than the national median property tax bill of $2,400.

How are property taxes in Knox calculated?

Property taxes in Elmwood, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Elmwood’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Elmwood, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Elmwood, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.98%

Estimate Property Tax Bill

$2,230

$2,069

Ownwell’s Elmwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Elmwood with just two data points. By entering your property's estimated assessed value, our calculator applies Elmwood’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Elmwood, Knox County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Elmwood’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Elmwood, located in Knox County, has a median property tax rate of 1.98%, significantly higher than the national median of 1.02%. This places Elmwood among the areas with the highest property tax rates in Illinois, which can be attributed to local fiscal needs and property values. Understanding these rates is crucial for homeowners considering property tax appeals or exemptions. The higher tax rate in Elmwood underscores the importance of exploring potential savings through professional property tax consulting services.

Property Tax Rates Across Elmwood, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Elmwood Taxx Rate

1.98%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Elmwood, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61529	0.29%	1.64%	1.98%	2.41%	2.74%

Source: Ownwell

Property Tax Assessment Values Across Elmwood, Knox County, Illinois

When examining property taxes in Elmwood, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Knox County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Elmwood.

For example, the median home price in Elmwood is $112,620, with tax bills ranging significantly across the county. Zip code 61529 has the highest median home price at $112,620.

Property Tax Assessment Values Across Elmwood, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Elmwood Market Value

$112,620

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Elmwood, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61529	$72,300	$90,120	$112,620	$135,495	$1,043,755

Source: Ownwell

Property Tax Bills Across Elmwood, Knox County, Illinois

In Elmwood, Knox 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 then multiplied by the local tax rate to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. The median home price in Elmwood is $112,620, and homeowners typically face tax bills ranging from $1,853 at the 25th percentile to $4,045 at the 90th percentile. The highest and lowest median tax bills in Elmwood are both $2,264, reflecting the uniformity in tax rates within the area. These figures are above the national median property tax bill of $2,400, highlighting the financial burden on homeowners. By leveraging expertise in property tax appeals and exemptions, Ownwell assists homeowners in Elmwood by identifying potential savings opportunities, ensuring they are not overpaying. This can lead to significant reductions in tax liability, providing financial relief and peace of mind.

Property Tax Bills Across Elmwood, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Elmwood Tax Bill

$2,264

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Elmwood, Knox County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61529	$1,214	$1,853	$2,264	$3,244	$4,045

Source: Ownwell