Nilwood, Illinois Property Taxes
The median property tax rate in Nilwood, IL is 1.98%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $40,394 in Nilwood, the typical annual property tax bill reaches $651, which is below the national median of $2,690. Property taxes in Nilwood 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 Nilwood'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 Nilwood 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
Nilwood, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Nilwood Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Nilwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nilwood to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in observing trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Nilwood, Illinois
Property taxes in Nilwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nilwood is 1.98%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nilwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nilwood 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 Nilwood's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62672 has the highest median property tax rate of 1.98%, while the lowest median tax rate is also 1.98% in the same zip code. Understanding how these cities compare with Nilwood provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nilwood Tax Rate
1.98%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nilwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62672 | 0.80% | 1.49% | 1.98% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Nilwood, Illinois
In Nilwood, 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 Macoupin 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 Nilwood, 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. For instance, the median home price in Nilwood is $40,394, with tax bills ranging from $303 at the 25th percentile to $1,919 at the 90th percentile. The zip code 62672 has both the highest and lowest median tax bill at $651. By understanding 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 Nilwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Nilwood Assessed Value
$40,394
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nilwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62672 | $7,793 | $22,912 | $40,394 | $65,511 | $87,140 |
Source: Ownwell
Property Tax Bills Across Nilwood, Illinois
In Nilwood, Macoupin County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Nilwood is $40,394. Property taxes are then determined by applying the local tax rate to the assessed value. Several factors influence your tax bill, including the assessed value of your property, local tax rates, and any applicable exemptions or deductions. Homeowners in Nilwood can expect property tax bills to vary significantly. At the 25th percentile, the tax bill is $303, while at the 75th percentile, it rises to $1,129. For those at the 90th percentile, the tax bill can be as high as $1,919. The highest median tax bill recorded in the area is $651 in zip code 62672, which also represents the lowest median tax bill, indicating some consistency in tax rates across the region. These property taxes fund essential local services, impacting community resources and overall quality of life for residents.
Average Nilwood Tax Bill
$651
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nilwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62672 | $143 | $303 | $651 | $1,129 | $1,919 |
Source: Ownwell