Collinsville, Madison County, Illinois Property Taxes
Median Collinsville, IL effective property tax rate: 1.92%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Collinsville, IL home value: $143,003
Median annual Collinsville, IL tax bill: $2,650, $250 higher than the national median property tax bill of $2,400.
How are property taxes in Madison calculated?
Property taxes in Collinsville, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Collinsville’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Collinsville, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Collinsville, Madison County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.92%
Estimate Property Tax Bill
$2,746
$2,548
Property Tax Rates Across Collinsville, Madison County, Illinois
Local government entities determine tax rates, and these can differ significantly within Illinois. Each year, counties like Madison estimate their required budget for services and divide it by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Though votes and legislation play a role in setting these rates and budgets, this is essentially the annual process.
In Collinsville, located in Madison County, the effective property tax rate is a critical factor for homeowners. Compared to other cities in Illinois and the median property tax rate across the state, Collinsville's rate provides a unique perspective on the local tax landscape. When compared to the national median property tax rate of 1.02%, Collinsville's rate offers insight into how local government budgets and property values influence the taxes homeowners pay. This comparison can be valuable for property owners seeking to understand their tax obligations and explore potential savings through appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Collinsville Taxx Rate
1.92%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Madison County Taxx Rate
2.17%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Madison County, 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, Madison County, Illinois
When examining property taxes in Collinsville, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Collinsville. For example, the median home price in Collinsville is $143,003, with tax bills ranging significantly across the county. Zip code 62234 has the highest median home price at $143,003.
Property Tax Assessment Values Across Collinsville, Madison County, Illinois
Source: Ownwell
$19,910
$137,778
$255,646
Median Collinsville Market Value
$143,003
Median Madison County Market Value
$128,259
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Collinsville, Madison County, 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, Madison County, Illinois
In Collinsville, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. In Collinsville, residents face a median property tax bill of $2,650, which aligns closely with the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,855 and the 75th percentile reaching $3,761. These figures highlight the variability in tax bills, influenced by factors such as property location, size, and market trends.
Homeowners in Collinsville can benefit from understanding these factors to potentially lower their tax burden. Ownwell offers expert property tax appeal services, helping homeowners navigate the complexities of property assessments and identify opportunities for tax savings. By leveraging Ownwell's expertise, homeowners can ensure their property is fairly assessed, potentially reducing their tax bills and alleviating financial strain.
Median Collinsville Tax Bill
$2,650
Median Madison County Tax Bill
$2,705
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Madison County, 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