Wataga, Illinois Property Taxes
The median property tax rate in Wataga, IL is 2.08%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wataga at $88,110, the typical annual property tax bill reaches $1,800, which is below the national median of $2,690. Property taxes in Wataga 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 Wataga'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 Wataga 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
Wataga, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.08%
Estimate Property Tax Bill
$1,833
$1,701
Ownwell’s Wataga Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wataga with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wataga 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 Wataga, Illinois
Property taxes in Wataga, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wataga is 2.08%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wataga set these rates annually, and they can vary across different neighborhoods. Each year, Wataga 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 Wataga's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61488 zip code has the highest median property tax rate of 2.08%, while the same zip code also has the lowest median tax rate of 2.08%. Understanding how these cities compare with Wataga 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 Wataga Tax Rate
2.08%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wataga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61488 | 1.00% | 1.65% | 2.08% | 2.34% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Wataga, Illinois
In Wataga, 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 Wataga, 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 Wataga helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wataga are both $1800, found in zip code 61488.
Average Wataga Assessed Value
$88,110
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 Wataga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61488 | $43,518 | $63,045 | $88,110 | $133,170 | $228,492 |
Source: Ownwell
Property Tax Bills Across Wataga, Illinois
Property tax bills in Wataga, located in Knox County, IL, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Several factors influence this calculation, including property location, size, and improvements made to the property. Once the assessed value is determined, a local tax rate is applied to calculate the actual tax bill. In Wataga, homeowners face a range of property tax bills. For instance, the 25th percentile tax bill is $1,122, while the 75th percentile tax bill reaches $2,794. At the higher end, the 90th percentile tax bill can soar to $4,353. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Wataga's tax rates may vary, affecting how much homeowners need to budget annually for property taxes.
Average Wataga Tax Bill
$1,800
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wataga, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61488 | $718 | $1,122 | $1,800 | $2,794 | $4,353 |
Source: Ownwell