Venice, Illinois Property Taxes
The median property tax rate in Venice, Illinois is 4.95%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Venice, the typical annual property tax bill reaches $614, which is considerably lower than the national median of $2,690. Property taxes in Venice 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 Venice'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 Venice 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
Venice, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.95%
Estimate Property Tax Bill
$986
$915
Ownwell’s Venice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Venice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Venice 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 Madison County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Venice, Illinois
Property taxes in Venice, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Venice is 4.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Venice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Venice 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 Venice's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62090 zip code has the highest median property tax rate of 4.95%, while the same zip code also has the lowest median tax rate of 4.95%. Understanding how these cities compare with Venice 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 Venice Tax Rate
4.95%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Venice, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62090 | 0.48% | 2.03% | 4.95% | 4.95% | 4.95% |
Source: Ownwell
Property Tax Assessment Values Across Venice, Illinois
In Venice, 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 Venice, 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. The median home price in Venice is $19,910, with tax bills ranging from $360 at the 25th percentile to $1,270 at the 90th percentile. The highest and lowest median tax bills are both $614, found in zip code 62090. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Venice Assessed Value
$19,910
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 Venice, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62090 | $7,643 | $14,114 | $19,910 | $26,952 | $36,733 |
Source: Ownwell
Property Tax Bills Across Venice, Illinois
In Venice, located in Madison County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a fraction of the property's market value. Various factors influence this assessment, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Venice, property tax bills can vary significantly. The 25th percentile tax bill stands at $360, while the 75th percentile reaches $971, and the 90th percentile climbs to $1,270. These figures indicate a range of tax burdens depending on property values and assessments. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax rates. Homeowners in Venice need to be aware of these factors as property taxes can impact their overall financial planning and the affordability of homeownership in the area.
Average Venice Tax Bill
$614
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Venice, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62090 | $88 | $360 | $614 | $971 | $1,270 |
Source: Ownwell