Alton, Illinois Property Taxes
The median property tax rate in Alton, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Alton at $79,430, the typical annual property tax bill reaches $1,824, exceeding the national median of $2,690. Property taxes in Alton 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 Alton'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 Alton 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
Alton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$1,843
$1,801
Ownwell’s Alton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alton 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 Alton, Illinois
Property taxes in Alton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alton is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Alton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alton 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 Alton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62002 zip code has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with Alton provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alton Tax Rate
2.32%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62002 | 1.43% | 1.99% | 2.32% | 2.92% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Alton, Illinois
In Alton, 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 Madison County Assessor's 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 Alton, 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 Alton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Alton is $79,430, with tax bills ranging from $1,166 at the 25th percentile to $4,372 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both $1,824, found in the 62002 zip code.
Average Alton Assessed Value
$79,430
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62002 | $36,306 | $53,551 | $79,430 | $117,898 | $192,243 |
Source: Ownwell
Property Tax Bills Across Alton, Illinois
In Alton, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the property's market value. Homeowners in Alton can expect their tax bills to vary significantly, depending on various factors such as property size, location, and improvements. For instance, the median home price in Alton is $79,430, and the property tax rates are applied to this assessed value. Tax bills can range widely, with the 25th percentile at $1,166 and the 75th percentile reaching up to $2,733. At the 90th percentile, homeowners might see tax bills as high as $4,372. The highest median tax bill recorded in Alton's 62002 zip code is $1,824, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting homeowners' contributions to their community.
Average Alton Tax Bill
$1,824
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62002 | $662 | $1,166 | $1,824 | $2,733 | $4,372 |
Source: Ownwell