Walnut Hill, Illinois Property Taxes
The median property tax rate in Walnut Hill, IL is 1.80%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Walnut Hill, the typical annual property tax bill reaches $1,187, which is below the national median of $2,690. Property taxes in Walnut Hill 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 Walnut Hill'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 Walnut Hill 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
Walnut Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$1,374
$1,275
Ownwell’s Walnut Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Hill 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 Walnut Hill, Illinois
Property taxes in Walnut Hill, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Hill is 1.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walnut Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Hill 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 Walnut Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62893 zip code has the highest median property tax rate of 1.80%, while the same zip code also has the lowest median tax rate of 1.80%. Understanding how these cities compare with Walnut Hill 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 Walnut Hill Tax Rate
1.80%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | 0.61% | 1.05% | 1.80% | 2.13% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Hill, Illinois
In Walnut Hill, 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 Walnut Hill, 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. The median home price in Walnut Hill is $76,323, with tax bills ranging significantly. The 25th percentile tax bill is $319, while the 75th percentile reaches $3,256, and the 90th percentile goes up to $5,120. The highest and lowest median tax bills are both $1,187 in the zip code 62893. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walnut Hill Assessed Value
$76,323
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 Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | $14,376 | $29,550 | $76,323 | $174,480 | $236,585 |
Source: Ownwell
Property Tax Bills Across Walnut Hill, Illinois
In Walnut Hill, 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 annual tax bill. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, in Marion County, the median home price is $76,323. Homeowners in Walnut Hill can expect tax bills that vary widely, with the 25th percentile at $319, the 75th percentile at $3,256, and the 90th percentile reaching up to $5,120. These figures indicate that while some homeowners may pay relatively low property taxes, others could face significantly higher bills, depending on their property's assessed value and specific tax circumstances. This variability in property tax bills can have a substantial impact on homeowners' financial planning and overall affordability of owning a home in Walnut Hill.
Average Walnut Hill Tax Bill
$1,187
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62893 | $99 | $319 | $1,187 | $3,256 | $5,120 |
Source: Ownwell