Wood River, Madison County, Illinois Property Taxes

Name: Property Tax Bills Across Wood River, Madison County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median WOOD RIVER, IL effective property tax rate: 2.31%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median WOOD RIVER, IL home value: $87,417
Median annual WOOD RIVER, IL tax bill: $1,937, $463 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

Property taxes in WOOD RIVER, 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 WOOD RIVER’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in WOOD RIVER, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Wood River, Madison County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.31%

Estimate Property Tax Bill

$2,019

$1,874

Ownwell’s Wood River Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wood River with just two data points. By entering your property's estimated assessed value, our calculator applies Wood River’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Wood River, Madison County, Illinois

Local government entities are responsible for setting tax rates, which can differ significantly across a state. Each year, counties estimate the budget needed to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. Although setting tax rates and budgets involves votes and laws, this is essentially the annual process.

In Wood River, located in Madison County, IL, the effective property tax rate is notably higher than the national median of 1.02%. This rate reflects the local government's need to fund services and infrastructure, which may include schools, emergency services, and public works. The median property tax rate in Illinois is also higher than the national average, indicating a trend across the state. Comparing Wood River to other cities within Illinois reveals a consistency in higher property tax rates, which can impact homeowners' financial planning and decision-making. Understanding these rates is crucial for property owners, as it influences the overall cost of homeownership and can affect long-term financial strategies.

Property Tax Rates Across Wood River, Madison County, Illinois

Source: Ownwell

1.66%

3.31%

4.95%

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 Wood River Tax Rate

2.31%

Median Effective Madison County Tax Rate

2.17%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Wood River, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62095	1.32%	1.80%	2.31%	2.56%	2.95%

Source: Ownwell

Property Tax Assessment Values Across Wood River, Madison County, Illinois

When examining property taxes in Wood River, 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. Assessment notices: Madison County assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Wood River. For example, the median home price in Wood River is $87,417, with tax bills ranging significantly across the county. 62095 has the highest median home price at $87,417.

Property Tax Assessment Values Across Wood River, Madison County, Illinois

Source: Ownwell

$19,910

$137,778

$255,646

Median Wood River Market Value

$87,417

Median Madison County Market Value

$128,259

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Wood River, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62095	$53,724	$69,489	$87,417	$113,513	$152,979

Source: Ownwell

Property Tax Bills Across Wood River, Madison County, Illinois

In Wood River, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the tax bill. In Madison County, where Wood River is located, the median property tax bill in zip code 62095 is $1,937, which is below the national median of $2,400. The property tax rate in this area can cause financial strain on homeowners, especially when the assessed value of their property doesn't accurately reflect the market value. This discrepancy can lead to higher-than-necessary tax bills. Ownwell assists homeowners by providing property tax appeal services. By evaluating the assessed value of a home and comparing it to its true market value, Ownwell can identify opportunities for tax reductions. This service can lead to significant savings for homeowners, ensuring they only pay what is fair and accurate. With expert guidance, homeowners can effectively manage their property tax expenses.

Property Tax Bills Across Wood River, Madison County, Illinois

Source: Ownwell

$614

$2,981

$5,348

Median Wood River Tax Bill

$1,937

Median Madison County Tax Bill

$2,705

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Wood River, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62095	$894	$1,403	$1,937	$2,576	$3,412

Source: Ownwell