Alma, Illinois Property Taxes
The median property tax rate in Alma, Illinois is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Alma at $104,055, the typical annual property tax bill reaches $1,856, which falls below the national median of $2,690. Property taxes in Alma 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 Alma'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 Alma or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alma, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$2,123
$1,970
Ownwell’s Alma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alma 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 Alma, Illinois
Property taxes in Alma, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Alma is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Alma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alma 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 Alma's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62807 zip code has the highest median property tax rate of 2.04%, while the same zip code also holds the lowest median tax rate of 2.04%. Understanding how these cities compare with Alma provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alma Tax Rate
2.04%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62807 | 0.71% | 1.38% | 2.04% | 2.23% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Alma, Illinois
In Alma, 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 local 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 Alma, 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 Alma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62807, with a median bill of $1,856.
Average Alma Assessed Value
$104,055
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62807 | $17,025 | $37,898 | $104,055 | $164,194 | $219,546 |
Source: Ownwell
Property Tax Bills Across Alma, Illinois
In Alma, located in Marion County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors are considered in this calculation, including the property's location, its size, and any improvements made to it. For homeowners in Alma, the median home price is $104,055. The tax bill can vary significantly, with the 25th percentile at $739 and the 75th percentile reaching $3,330. At the 90th percentile, some homeowners may see tax bills as high as $4,713. Comparing this to the national median property tax rate of 0.99%, Alma's tax rates can have a substantial impact on homeowners' finances, especially for those with higher-valued properties. The highest and lowest median tax bills in the region are both recorded at $1,856 in the 62807 zip code, demonstrating a range of property tax impacts within the area.
Average Alma Tax Bill
$1,856
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Alma, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62807 | $207 | $739 | $1,856 | $3,330 | $4,713 |
Source: Ownwell