Glen Carbon, Illinois Property Taxes
The median property tax rate in Glen Carbon, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Glen Carbon at $234,895, the typical annual property tax bill reaches $5,143, exceeding the national median of $2,690. Property taxes in Glen Carbon 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 Glen Carbon'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 Glen Carbon 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
Glen Carbon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$5,309
$4,926
Ownwell’s Glen Carbon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Glen Carbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Carbon 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 Glen Carbon, Illinois
Property taxes in Glen Carbon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glen Carbon is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Glen Carbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Carbon 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 Glen Carbon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62034 zip code has the highest median property tax rate of 2.26%, while the same zip code also has the lowest median tax rate of 2.26%. Understanding how these cities compare with Glen Carbon 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 Glen Carbon Tax Rate
2.26%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Carbon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62034 | 1.87% | 2.12% | 2.26% | 2.36% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Glen Carbon, Illinois
In Glen Carbon, 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 Glen Carbon, 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 Glen Carbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Glen Carbon is $5,143 in the 62034 zip code, while the lowest median tax bill is also $5,143 in the 62034 zip code.
Average Glen Carbon Assessed Value
$234,895
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 Glen Carbon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62034 | $115,231 | $174,294 | $234,895 | $318,123 | $412,210 |
Source: Ownwell
Property Tax Bills Across Glen Carbon, Illinois
In Glen Carbon, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $234,895, the assessed value is determined by local assessment rules. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the specific tax rate set by local authorities, which may vary based on funding requirements for schools, infrastructure, and public services. Homeowners in Glen Carbon can expect tax bills to range significantly. For instance, the 25th percentile tax bill is $3,575, while those in the 75th percentile can see bills as high as $7,152. The 90th percentile tax bill even reaches $9,473. Comparatively, Glen Carbon’s property tax rate is higher than the national median rate of 0.99%, reflecting the region's specific funding needs and property values. This can substantially impact homeowners, influencing decisions on purchasing and maintaining homes in the area.
Average Glen Carbon Tax Bill
$5,143
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Carbon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62034 | $2,082 | $3,575 | $5,143 | $7,152 | $9,473 |
Source: Ownwell