Collinsville, Illinois Property Taxes
The median property tax rate in Collinsville, IL is 1.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Collinsville at $143,003, the typical annual property tax bill reaches $2,650, slightly below the national median of $2,690. Property taxes in Collinsville 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 Collinsville'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 Collinsville 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
Collinsville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$2,746
$2,548
Ownwell’s Collinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collinsville 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 Collinsville, Illinois
Property taxes in Collinsville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 1.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Collinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collinsville 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 Collinsville's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62234 has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Collinsville 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 Collinsville Tax Rate
1.92%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | 1.38% | 1.77% | 1.92% | 2.14% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Illinois
In Collinsville, 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 Collinsville, 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 Collinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Collinsville, the median home price stands at $143,003. The zip code 62234 has the highest and lowest median tax bill, both at $2,650. The 25th percentile tax bill is $1,855, while the 75th percentile tax bill is $3,761, and the 90th percentile tax bill reaches $5,274.
Average Collinsville Assessed Value
$143,003
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 Collinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | $77,982 | $104,234 | $143,003 | $193,784 | $260,667 |
Source: Ownwell
Property Tax Bills Across Collinsville, Illinois
In Collinsville, Madison 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 typically represents a percentage of the property's market value. Homeowners in Collinsville experience a range of property tax bills, with the 25th percentile at $1,855 and the 75th percentile reaching $3,761. At the higher end, the 90th percentile tax bill can be as much as $5,274. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Collinsville is $143,003, and with local tax rates, homeowners might find their property tax bills higher or lower depending on their specific situation. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Collinsville to understand their local tax dynamics to manage their financial planning effectively.
Average Collinsville Tax Bill
$2,650
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | $1,217 | $1,855 | $2,650 | $3,761 | $5,274 |
Source: Ownwell