Wataga, Knox County, Illinois Property Taxes

Name: Property Tax Bills Across Wataga, Knox County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Wataga, IL effective property tax rate: 2.08%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Wataga, IL home value: $88,110
Median annual Wataga, IL tax bill: $1,800, $600 lower than the national median property tax bill of $2,400.

How are property taxes in Knox County calculated?

Property taxes in Wataga, 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 Wataga’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Wataga, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Wataga, Knox County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.08%

Estimate Property Tax Bill

$1,833

$1,701

Ownwell’s Wataga Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wataga with just two data points. By entering your property's estimated assessed value, our calculator applies Wataga’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Knox County — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Knox County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wataga, Knox County, Illinois

Local government entities set tax rates, which can vary widely within a state due to differing budgetary needs and property values. 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.

In WATAGA, located in Knox County, IL, the effective property tax rate is significantly higher than the national median. The median property tax rate in Illinois is 2.08%, which is also the rate for WATAGA. This rate is notably higher than the national median property tax rate of 1.02%. Such a high rate can lead to substantial property tax bills compared to other areas across the country. For residents, understanding these rates is crucial for financial planning and potential tax appeals. Comparing WATAGA's rate to other cities in Illinois and the national median provides valuable insight into the local property tax landscape.

Property Tax Rates Across Wataga, Knox County, Illinois

Source: Ownwell

0.27%

1.39%

2.52%

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 Wataga Taxx Rate

2.08%

Median Effective Knox County Taxx Rate

2.31%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Wataga, Knox County, 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, Knox County, Illinois

When examining property taxes in Wataga, 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. Assessment notices: In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 Wataga. For example, the median home price in Wataga is $88,110, with tax bills ranging significantly across the county. Zip code 61488 has the highest median home price at $88,110.

Property Tax Assessment Values Across Wataga, Knox County, Illinois

Source: Ownwell

$41,790

$1,323,092

$2,604,393

Median Wataga Market Value

$88,110

Median Knox County Market Value

$78,330

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Wataga, Knox County, 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, Knox County, Illinois

In Wataga, located in Knox County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the tax bill. Homeowners in Wataga face a median tax bill of $1,800, which is below the national median of $2,400. However, the tax bill can vary significantly, with the 25th percentile at $1,122 and the 90th percentile reaching $4,353. Factors influencing the tax bill include changes in local government budgets and property assessments. For homeowners, high property taxes can mean a substantial financial burden, affecting monthly budgets and long-term financial planning. Ownwell offers a solution by providing property tax appeal services, helping homeowners potentially reduce their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can assist in lowering the assessed value, thus reducing the overall tax burden. This service can lead to significant savings, easing the financial strain on homeowners.

Property Tax Bills Across Wataga, Knox County, Illinois

Source: Ownwell

$748

$4,362

$7,975

Median Wataga Tax Bill

$1,800

Median Knox County Tax Bill

$1,699

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Wataga, Knox County, 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