London Mills, Knox County, Illinois Property Taxes
Median London Mills, IL effective property tax rate: 2.26%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median London Mills, IL home value: $80,985
Median annual London Mills, IL tax bill: $1,824, $576 lower than the national median property tax bill of $2,400.
How are property taxes in Knox calculated?
Property taxes in London Mills, 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 London Mills’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in London Mills, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
London Mills, Knox County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.26%
Estimate Property Tax Bill
$1,830
$1,698
Property Tax Rates Across London Mills, 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 London Mills’ effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
In London Mills, located in Knox County, property owners face a median property tax rate of 2.26%, which is significantly higher than the national median of 1.02%. This places a considerable burden on homeowners compared to the national average. Despite this, the rate is consistent across the region, as both the highest and lowest median tax rates in Knox County are the same at 2.26%. Understanding these figures is crucial for property owners considering an appeal or exploring exemption services, as even small adjustments can lead to substantial savings.
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 London Mills Tax Rate
2.26%
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 Knox County Tax Rate
2.31%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | 0.28% | 1.11% | 2.26% | 2.87% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across London Mills, Knox County, Illinois
When examining property taxes in London Mills, IL, 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 April. 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 London Mills.
For example, the median home price in London Mills is $80,985, with tax bills ranging significantly across the county. Zip code 61544 has the highest median home price at $80,985.
Property Tax Assessment Values Across London Mills, Knox County, Illinois
Source: Ownwell
$41,790
$1,323,092
$2,604,393
Median London Mills Market Value
$80,985
Median Knox County Market Value
$78,330
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $29,292 | $50,670 | $80,985 | $197,228 | $1,197,202 |
Source: Ownwell
Property Tax Bills Across London Mills, Knox County, Illinois
In London Mills, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area face a median property tax bill of $1824, which is below the national median of $2400. The tax bill can vary significantly, with the 25th percentile at $1118 and the 75th percentile reaching $3430. Factors influencing these variations include changes in property values and local tax rates. For homeowners, high property taxes can be a financial burden, impacting monthly budgets and overall affordability.
Ownwell can assist homeowners in London Mills by providing property tax appeal and exemption services. By analyzing property assessments and comparing them with similar properties, Ownwell identifies discrepancies that may lead to reduced tax bills. This service not only helps homeowners save money but also ensures they are not overpaying on their property taxes. With Ownwell's expertise, homeowners can navigate the complexities of property tax assessments and secure potential savings.
Median London Mills Tax Bill
$1,824
Median Knox County Tax Bill
$1,699
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $417 | $1,118 | $1,824 | $3,430 | $6,104 |
Source: Ownwell