Troy, Illinois Property Taxes
The median property tax rate in Troy, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Troy, the typical annual property tax bill reaches $4,812, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$4,877
$4,526
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Illinois
Property taxes in Troy, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62294 zip code has the highest median property tax rate of 2.20%, while the same zip code also has the lowest median tax rate of 2.20%. Understanding how these cities compare with Troy 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 Troy Tax Rate
2.20%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | 1.86% | 2.08% | 2.20% | 2.32% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Illinois
In Troy, 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 Appraisal District 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Troy, the zip code with the highest and lowest median tax bill is 62294, with a median tax bill of $4,812. The 25th percentile tax bill is $3,414, while the 75th percentile tax bill is $6,421. The 90th percentile tax bill is $8,134.
Average Troy Assessed Value
$221,682
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 Troy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | $118,543 | $162,696 | $221,682 | $287,770 | $364,951 |
Source: Ownwell
Property Tax Bills Across Troy, Illinois
In Troy, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, a home with a median market price of $221,682 will have its assessed value determined by the local assessor's office. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the home's location within Madison County, local tax rates, and any applicable exemptions. Homeowners in Troy can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $3,414 and the 75th percentile reaching up to $6,421. The highest median tax bill recorded in the area is $4,812, which is higher than the national median property tax rate of 0.99%. These taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the quality of life and property values in the community.
Average Troy Tax Bill
$4,812
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62294 | $2,282 | $3,414 | $4,812 | $6,421 | $8,134 |
Source: Ownwell