Varna, Illinois Property Taxes
The median property tax rate in Varna, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Varna at $157,557, the typical annual property tax bill reaches $3,682, exceeding the national median of $2,690. Property taxes in Varna 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 Varna'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 Varna 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
Varna, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$3,923
$3,641
Ownwell’s Varna Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Varna with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Varna to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed insights, scrolling down reveals trends on a neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Varna, Illinois
Property taxes in Varna, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Varna is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Varna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Varna 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 Varna's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61375 zip code has the highest median property tax rate of 2.49%, while the 61375 zip code also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Varna provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Varna Tax Rate
2.49%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Varna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61375 | 1.81% | 2.28% | 2.49% | 2.68% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Varna, Illinois
In Varna, 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 Marshall 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 Varna, 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 Varna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61375 has the highest and lowest median tax bill at $3,682.
Average Varna Assessed Value
$157,557
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Varna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61375 | $57,076 | $91,685 | $157,557 | $212,798 | $361,923 |
Source: Ownwell
Property Tax Bills Across Varna, Illinois
In Varna, Marshall County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For example, with a median home price of $157,557, homeowners in Varna can expect varying tax bills. The 25th percentile tax bill is around $1,974, while those in the 75th percentile face bills of approximately $5,437. At the higher end, the 90th percentile tax bill reaches about $10,497. These property tax bills can significantly impact homeowners, affecting monthly budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, the variations in Varna highlight the importance of understanding local tax dynamics to better manage financial obligations.
Average Varna Tax Bill
$3,682
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Varna, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61375 | $980 | $1,974 | $3,682 | $5,437 | $10,497 |
Source: Ownwell