Palmyra, Illinois Property Taxes
The median property tax rate in Palmyra, IL is 1.73%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Palmyra at $60,516, the typical annual property tax bill reaches $985, which is below the national median of $2,690. Property taxes in Palmyra 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 Palmyra'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 Palmyra 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
Palmyra, 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 Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Illinois
Property taxes in Palmyra, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 1.73%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62674 zip code has both the highest and lowest median property tax rate of 1.73%. Understanding how these cities compare with Palmyra 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 Palmyra Tax Rate
1.73%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62674 | 0.88% | 1.37% | 1.73% | 2.12% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Illinois
In Palmyra, 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $985.00 in zip code 62674.
Average Palmyra Assessed Value
$60,516
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 Palmyra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62674 | $18,964 | $32,828 | $60,516 | $95,318 | $143,274 |
Source: Ownwell
Property Tax Bills Across Palmyra, Illinois
In Palmyra, Macoupin County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is typically a percentage of the market value of the property. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $60,516, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property size, location, and improvements can influence the assessed value. In Palmyra, the 25th percentile tax bill is around $473, while the 75th percentile reaches up to $1,641. At the higher end, the 90th percentile tax bill can be as much as $2,662. These property taxes contribute significantly to local services like schools, infrastructure, and emergency services. Homeowners should be aware of these costs as they directly impact their annual financial planning and overall property affordability.
Average Palmyra Tax Bill
$985
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62674 | $226 | $473 | $985 | $1,641 | $2,662 |
Source: Ownwell