Williamsfield, Illinois Property Taxes
The median property tax rate in Williamsfield, IL is 2.10%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $87,660 in Williamsfield, the typical annual property tax bill reaches $1,882, which is below the national median of $2,690. Property taxes in Williamsfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Williamsfield'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 Williamsfield 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
Williamsfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.1%
Estimate Property Tax Bill
$1,841
$1,708
Ownwell’s Williamsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsfield 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 Williamsfield, Illinois
Property taxes in Williamsfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsfield is 2.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Williamsfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsfield 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. Understanding how these cities compare with Williamsfield 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 Williamsfield Tax Rate
2.10%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | 0.27% | 1.46% | 2.10% | 2.49% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Williamsfield, Illinois
In Williamsfield, 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 Williamsfield, 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. The median home price in Williamsfield is $87,660, with tax bills varying significantly. For example, the 25th percentile tax bill is $1,048, while the 75th percentile tax bill is $3,120, and the 90th percentile tax bill reaches $4,980. The highest and lowest median tax bills in the area are both $1,882, located in zip code 61489. 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 the tax burden.
Property Tax Assessment Values Across Williamsfield, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average Williamsfield Assessed Value
$87,660
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 Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | $39,540 | $60,090 | $87,660 | $152,580 | $803,529 |
Source: Ownwell
Property Tax Bills Across Williamsfield, Illinois
In Williamsfield, Knox County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property type, location, and any applicable exemptions or abatements can influence the assessed value and, consequently, the tax bill. For instance, the median home price in Williamsfield is $87,660, and homeowners in the 25th percentile face an annual tax bill of $1,048. This increases significantly for those in the 75th percentile, who pay around $3,120, and even more for the 90th percentile, with tax bills reaching $4,980. The highest and lowest median tax bills in the area are both $1,882, indicating a relatively uniform tax rate within the zip code 61489. Compared to the national median property tax rate of 0.99%, Williamsfield's tax rate highlights the varying financial impact on homeowners, depending on their property's assessed value. This system ensures that property taxes are proportionate to property values, which can significantly affect homeowners' annual financial planning.
Average Williamsfield Tax Bill
$1,882
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | $533 | $1,048 | $1,882 | $3,120 | $4,980 |
Source: Ownwell