Victoria, Illinois Property Taxes
The median property tax rate in Victoria, Illinois is 2.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Victoria, the typical annual property tax bill reaches $1,246, exceeding the national median of $2,690. Property taxes in Victoria 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 Victoria'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 Victoria 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
Victoria, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Victoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Victoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Victoria 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 Victoria, Illinois
Property taxes in Victoria, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Victoria is 2.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Victoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Victoria 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 Victoria's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61485 zip code has the highest median property tax rate of 2.29%, while the same zip code also has the lowest median tax rate of 2.29%. Understanding how these cities compare with Victoria 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 Victoria Tax Rate
2.29%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Victoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61485 | 0.29% | 1.57% | 2.29% | 2.79% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Victoria, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Victoria, 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 Victoria, 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 instance, the median home price in Victoria is $59,385, with tax bills ranging from $768 at the 25th percentile to $4,585 at the 90th percentile. The zip code 61485 has both the highest and lowest median tax bill at $1,246. 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 their tax burden.
Average Victoria Assessed Value
$59,385
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 Victoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61485 | $25,155 | $38,002 | $59,385 | $125,340 | $361,890 |
Source: Ownwell
Property Tax Bills Across Victoria, Illinois
In Victoria, a city in Knox County, IL, property tax bills are calculated based on the assessed value of your home. The local government assesses the value of your property, which is typically a percentage of its market value. For instance, if your home has a median price of $59,385, the assessed value would be a portion of this amount. The property tax rate is then applied to this assessed value to determine your tax bill. Several factors influence the final tax bill, including the property's location within specific taxing districts, such as school districts or municipal services. In Victoria, homeowners can expect tax bills that vary widely. The 25th percentile tax bill is around $768, while the 75th percentile reaches $2,691, and the 90th percentile can go up to $4,585. These variations highlight the significant impact property taxes can have on homeowners, making it essential to understand how these taxes are calculated and what factors are at play.
Average Victoria Tax Bill
$1,246
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Victoria, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61485 | $490 | $768 | $1,246 | $2,691 | $4,585 |
Source: Ownwell