Kinmundy, Illinois Property Taxes
The median property tax rate in Kinmundy, IL is 1.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kinmundy, the typical annual property tax bill reaches $1,410, which is below the national median of $2,690. Property taxes in Kinmundy 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 Kinmundy'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 Kinmundy 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
Kinmundy, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Kinmundy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kinmundy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kinmundy 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 Kinmundy, Illinois
Property taxes in Kinmundy, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kinmundy is 1.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kinmundy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kinmundy 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 Kinmundy's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest and lowest median property tax rates in Marion County are both 1.92%. Understanding how these cities compare with Kinmundy 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 Kinmundy Tax Rate
1.92%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | 0.76% | 1.42% | 1.92% | 2.32% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Kinmundy, Illinois
In Kinmundy, 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 Marion 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 Kinmundy, 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. In Marion County, the median home price is $80,156. The tax bill for the 25th percentile is $422, while for the 75th percentile, it is $2,733. The highest median tax bill in the area is $1,410 in the 62854 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Kinmundy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kinmundy Assessed Value
$80,156
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 Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $12,588 | $33,562 | $80,156 | $144,820 | $203,276 |
Source: Ownwell
Property Tax Bills Across Kinmundy, Illinois
In Kinmundy, located in Marion 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 median home price in Kinmundy is $80,156. Property tax rates in this area are set by local taxing authorities and are applied to the assessed value to determine the annual tax bill. Factors such as local government budgets, school funding, and public services influence these rates. Homeowners in Kinmundy can expect a range of property tax bills. At the 25th percentile, the tax bill is approximately $422, while at the 75th percentile, it rises to around $2,733. The 90th percentile tax bill can be as high as $4,314. The median property tax bill in the highest and lowest zip code within Marion County is $1,410, which is higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, affecting their overall cost of living and financial planning.
Average Kinmundy Tax Bill
$1,410
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kinmundy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62854 | $162 | $422 | $1,410 | $2,733 | $4,314 |
Source: Ownwell