Highland, Illinois Property Taxes
The median property tax rate in Highland, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Highland at $182,823, the typical annual property tax bill reaches $3,802, exceeding the national median of $2,690. Property taxes in Highland 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 Highland'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 Highland 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
Highland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$3,894
$3,805
Ownwell’s Highland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Highland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Highland 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 Highland, Illinois
Property taxes in Highland, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Highland is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Highland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Highland 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 Highland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62249 zip code has the highest median property tax rate of 2.13%, while the same 62249 zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Highland 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 Highland Tax Rate
2.13%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Highland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62249 | 1.65% | 1.89% | 2.13% | 2.33% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Highland, Illinois
In Highland, 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 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 Highland, 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 Highland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62249 has the highest median tax bill at $3802.
Average Highland Assessed Value
$182,823
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 Highland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62249 | $94,685 | $127,088 | $182,823 | $249,670 | $331,916 |
Source: Ownwell
Property Tax Bills Across Highland, Illinois
In Highland, 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. The local tax rate is then applied to this assessed value. For instance, the median home price in Highland is $182,823, and homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is approximately $2,599, while at the 75th percentile, it rises to about $5,287. Those at the 90th percentile could see tax bills as high as $6,896. Various factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Highland's property taxes can be relatively high, reflecting the community's investment in quality public services and amenities.
Average Highland Tax Bill
$3,802
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Highland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62249 | $1,757 | $2,599 | $3,802 | $5,287 | $6,896 |
Source: Ownwell