Vernon, Illinois Property Taxes
The median property tax rate in Vernon, IL is 1.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Vernon, the typical annual property tax bill reaches $1,121, exceeding the national median of $2,690. Property taxes in Vernon 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 Vernon'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 Vernon 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
Vernon, 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 Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Illinois
Property taxes in Vernon, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Vernon is 1.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 62892 has both the highest and the lowest median property tax rate of 1.74%. Understanding how these areas compare with Vernon 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 Vernon Tax Rate
1.74%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | 0.68% | 1.13% | 1.74% | 2.08% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Illinois
In Vernon, 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 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 Vernon, 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 Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price stands at $72,930, with the highest and lowest median tax bills both recorded at $1,121 in zip code 62892.
Average Vernon Assessed Value
$72,930
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 Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | $14,181 | $28,118 | $72,930 | $130,764 | $237,720 |
Source: Ownwell
Property Tax Bills Across Vernon, Illinois
In Vernon, located in Marion County, IL, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, this means that higher property values or improvements can lead to higher tax bills. The median home price in Vernon is $72,930, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $268, while the 75th percentile tax bill is $2,681, indicating a wide range in tax obligations. At the 90th percentile, tax bills can reach up to $4,866. The highest median tax bill in the area is $1,121, which is considerably higher than the national median property tax rate of 0.99%. This variability underscores the importance of understanding how local factors influence property tax bills in Vernon.
Average Vernon Tax Bill
$1,121
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62892 | $118 | $268 | $1,121 | $2,681 | $4,866 |
Source: Ownwell