Knoxville, Illinois Property Taxes
The median property tax rate in Knoxville, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Knoxville at $110,700, the typical annual property tax bill reaches $2,184, just below the national median of $2,690. Property taxes in Knoxville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knoxville'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 Knoxville 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
Knoxville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$2,391
$2,219
Ownwell’s Knoxville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knoxville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knoxville 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 Knoxville, Illinois
Property taxes in Knoxville, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Knoxville is 2.16%, significantly higher than the U.S. national median of 0.99%. Local government entities within Knoxville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knoxville 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 Knoxville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61448 has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Knoxville 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 Knoxville Tax Rate
2.16%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knoxville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61448 | 1.21% | 1.79% | 2.16% | 2.39% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Knoxville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Knoxville, Illinois. The market value represents 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 Knoxville, 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. For example, the median home price in Knoxville is $110,700, with tax bills ranging from $1,459 at the 25th percentile to $4,789 at the 90th percentile. The highest and lowest median tax bills are both $2,184, found in the 61448 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knoxville Assessed Value
$110,700
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 Knoxville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61448 | $54,282 | $76,710 | $110,700 | $153,300 | $227,280 |
Source: Ownwell
Property Tax Bills Across Knoxville, Illinois
In Knoxville, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Knoxville can expect their tax bills to vary significantly depending on the assessed value of their property and the local tax rate. For instance, the tax bill at the 25th percentile is $1,459, while at the 75th percentile, it rises to $3,319, and at the 90th percentile, it reaches $4,789. These tax bills can impact homeowners' finances, making it essential to understand how their property is assessed and what exemptions or appeals might be available to them. The median home price in Knoxville is $110,700, and the highest median tax bill in the area is $2,184, which is significantly higher than the national median property tax rate of 0.99%. Understanding these factors can help homeowners better manage their annual tax obligations.
Average Knoxville Tax Bill
$2,184
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Knoxville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61448 | $929 | $1,459 | $2,184 | $3,319 | $4,789 |
Source: Ownwell