Yates City, Illinois Property Taxes
The median property tax rate in Yates City, IL is 2.34%, which is considerably higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With a median home value of $100,200 in Yates City, the typical annual property tax bill reaches $2,259, which is below the national median of $2,690. Property taxes in Yates City 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 Yates City'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 Yates City 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
Yates City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$2,345
$2,176
Ownwell’s Yates City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yates City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yates City 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 Yates City, Illinois
Property taxes in Yates City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yates City is 1.97%, which is higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Yates City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yates City 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 Yates City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61572 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Yates City 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 Yates City Tax Rate
2.34%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yates City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61572 | 0.75% | 1.81% | 2.34% | 2.66% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Yates City, Illinois
In Yates City, 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 Assessor 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 Yates City, 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 here is $100,200, with tax bills ranging from $1,394 at the 25th percentile to $5,428 at the 90th percentile. Notably, the zip code 61572 has the highest median tax bill of $2,259. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Yates City, Illinois
Source: Ownwell
$24,360
$1,314,377
$2,604,393
Average Yates City Assessed Value
$100,200
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 Yates City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61572 | $45,255 | $67,830 | $100,200 | $150,458 | $291,219 |
Source: Ownwell
Property Tax Bills Across Yates City, Illinois
In Yates City, property tax bills are calculated based on the assessed value of a property, which is determined by the Knox County assessor's office. This assessed value is a percentage of the property's market value. Several factors influence the final tax bill, including the property's location, size, and any improvements made to it. For instance, the median home price in Yates City is $100,200, and the property tax rate in Knox County is aligned with the national median of 0.99%. Homeowners in Yates City can expect a range of property tax bills. At the 25th percentile, the tax bill is approximately $1,394, while at the 75th percentile, it rises to around $3,649. Those at the 90th percentile could see tax bills as high as $5,428. The highest and lowest median tax bills in the city are currently the same at $2,259, reflecting a stable tax environment. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Yates City Tax Bill
$2,259
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Yates City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61572 | $842 | $1,394 | $2,259 | $3,649 | $5,428 |
Source: Ownwell