Emington, Illinois Property Taxes
The median property tax rate in Emington, IL is 3.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Emington at $217,275, the typical annual property tax bill reaches $6,316, exceeding the national median of $2,690. Property taxes in Emington 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 Emington'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 Emington 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
Emington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.12%
Estimate Property Tax Bill
$6,779
$6,291
Ownwell’s Emington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emington 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 Emington, Illinois
Property taxes in Emington, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emington is 3.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Emington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emington 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 Emington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60934 zip code has the highest median property tax rate of 3.12%, while the same zip code also has the lowest median tax rate of 3.12%. Understanding how these cities compare with Emington provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Emington Tax Rate
3.12%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60934 | 2.71% | 2.86% | 3.12% | 3.38% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Emington, Illinois
In Emington, 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 Livingston County Assessment Office 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 Emington, 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 Emington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 60934 has the highest median tax bill at $6,316, while the lowest median tax bill in the same zip code is also $6,316.
Average Emington Assessed Value
$217,275
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Emington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60934 | $101,661 | $142,221 | $217,275 | $271,504 | $376,388 |
Source: Ownwell
Property Tax Bills Across Emington, Illinois
In Emington, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. The median home price in Emington is $217,275, and homeowners can expect varying tax bills depending on where their property falls within the value spectrum. For example, the 25th percentile tax bill is $4,304, while the 75th percentile tax bill is significantly higher at $8,797. At the 90th percentile, tax bills can reach up to $11,405. These figures highlight the range of property tax burdens homeowners may face. The highest and lowest median tax bills in the area are both $6,316, indicating a relatively consistent tax rate across different neighborhoods. Compared to the national median property tax rate of 0.99%, Emington's property tax rates can be considered relatively high, which can impact the overall affordability for homeowners in this area.
Average Emington Tax Bill
$6,316
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Emington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60934 | $3,213 | $4,304 | $6,316 | $8,797 | $11,405 |
Source: Ownwell