London Mills, Illinois Property Taxes
The median property tax rate in London Mills, IL is 2.26%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in London Mills at $80,985, the typical annual property tax bill reaches $1,824, which is below the national median of $2,690. Property taxes in London Mills are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding London Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of London Mills or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
London Mills, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$1,830
$1,698
Ownwell’s London Mills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in London Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in London Mills 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 London Mills, Illinois
Property taxes in London Mills, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in London Mills is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within London Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, London Mills 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 London Mills' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61544 zip code has the highest median property tax rate of 2.26%, while it also has the lowest median tax rate of 2.26%. Understanding how these cities compare with London Mills 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 London Mills Tax Rate
2.26%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across London Mills, 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, Illinois
In London Mills, 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 London Mills, 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 London Mills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61544 has both the highest and lowest median tax bills, each at $1,824, providing a benchmark for local property tax expectations.
Property Tax Assessment Values Across London Mills, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average London Mills Assessed Value
$80,985
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 London Mills, 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, Illinois
In London Mills, located in Knox County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Various factors like property size, location, and improvements are considered in this assessment. For instance, the median home price in London Mills is $80,985, affecting the overall tax burden on homeowners. Once the assessed value is established, the local tax rate is applied. In Knox County, the property tax rate is compared to the national median property tax rate of 0.99%. Homeowners in London Mills can expect tax bills that vary significantly. The 25th percentile tax bill is around $1,118, while the 75th percentile tax bill reaches approximately $3,430. At the higher end, the 90th percentile tax bill can be as much as $6,104. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the community's quality of life.
Average London Mills Tax Bill
$1,824
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across London Mills, 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