Williamsfield, Knox County, Illinois Property Taxes
Median Williamsfield, IL effective property tax rate: 2.10%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Williamsfield, IL home value: $87,660
Median annual Williamsfield, IL tax bill: $1,882, $518 lower than the national median property tax bill of $2,400.
How are property taxes in Knox County calculated?
Property taxes in Williamsfield, 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 Williamsfield’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Williamsfield, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Williamsfield, Knox County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.1%
Estimate Property Tax Bill
$1,841
$1,708
Property Tax Rates Across Williamsfield, Knox County, Illinois
Local government entities set property tax rates, which can vary significantly even within a state. This variation occurs because each county annually determines its budgetary needs for providing essential services and divides this amount by the total assessed value of all taxable properties within its boundaries. This calculation establishes the property tax rate. Although the process involves votes and legislation to finalize tax rates and budgets, this is essentially how it works each year.
In Williamsfield, located in Knox County, the effective property tax rate stands out when compared to other cities in Illinois. While Illinois has a median property tax rate of 2.10%, significantly higher than the national median of 1.02%, Williamsfield reflects this trend. The property tax rates in Illinois are among the highest in the nation, which can lead to substantial tax bills for homeowners. Understanding these rates is essential for property owners, as they can have a significant impact on overall housing costs. Comparing these rates to the national median helps to highlight the differences and the potential financial implications for homeowners in this region.
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 Williamsfield Tax Rate
2.10%
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 Knox County Tax Rate
2.31%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Williamsfield, Knox County, 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, Knox County, Illinois
When examining property taxes in Williamsfield, 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.
In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Williamsfield.
For example, the median home price in Williamsfield is $87,660, with tax bills ranging significantly across the county. Zip code 61489 has the highest median home price at $87,660.
Property Tax Assessment Values Across Williamsfield, Knox County, Illinois
Source: Ownwell
$41,790
$1,323,092
$2,604,393
Median Williamsfield Market Value
$87,660
Median Knox County Market Value
$78,330
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Williamsfield, Knox County, 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, Knox County, Illinois
Median Williamsfield Tax Bill
$1,882
Median Knox County Tax Bill
$1,699
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Williamsfield, Knox County, 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