Elkhart, Illinois Property Taxes
The median property tax rate in Elkhart, Illinois is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elkhart, the typical annual property tax bill reaches $3,453, exceeding the national median of $2,690. Property taxes in Elkhart 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 Elkhart'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 Elkhart 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
Elkhart, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$3,529
$3,449
Ownwell’s Elkhart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkhart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkhart 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 Elkhart, Illinois
Property taxes in Elkhart, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhart is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elkhart set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhart 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 Elkhart's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62634 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Elkhart provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhart Tax Rate
2.30%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhart, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62634 | 1.84% | 2.08% | 2.30% | 2.53% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Elkhart, Illinois
In Elkhart, 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 Logan 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 Elkhart, 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. For example, the median home price in Elkhart is $153,450, with tax bills ranging from $1,998 at the 25th percentile to $12,667 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elkhart Assessed Value
$153,450
Average Logan County Assessed Value
$165,735
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhart, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62634 | $64,680 | $86,850 | $153,450 | $273,990 | $482,670 |
Source: Ownwell
Property Tax Bills Across Elkhart, Illinois
In Elkhart, located in Logan County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Various factors such as the home's location, size, and condition are considered during the assessment process. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Elkhart, property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,998, while the 75th percentile reaches $6,265. For those at the higher end, the 90th percentile tax bill can be as much as $12,667, reflecting the significant impact on homeowners. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and assessments can lead to higher or lower tax obligations. Homeowners in Elkhart should be aware of these factors as they can considerably influence their annual expenses.
Average Elkhart Tax Bill
$3,453
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhart, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62634 | $1,363 | $1,998 | $3,453 | $6,265 | $12,667 |
Source: Ownwell