Adair, Illinois Property Taxes
The median property tax rate in Adair, Illinois is 3.41%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Adair, the typical annual property tax bill reaches $247, which is below the national median of $2,690. Property taxes in Adair are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Adair'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 Adair or another part of McDonough County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Adair, 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 Adair Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Adair with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Adair 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 Adair, Illinois
Property taxes in Adair, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Adair is 3.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Adair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Adair 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 Adair's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61411 zip code has the highest median property tax rate of 3.41%, while the lowest median tax rate is also 3.41%. Understanding how these cities compare with Adair provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Adair Tax Rate
3.41%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Adair, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61411 | 3.41% | 3.41% | 3.41% | 3.41% | 3.41% |
Source: Ownwell
Property Tax Assessment Values Across Adair, Illinois
In Adair, 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 McDonough 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 Adair, 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 Adair helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Adair are both $247.00, found in the 61411 zip code.
Average Adair Assessed Value
$7,251
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Adair, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61411 | $7,251 | $7,251 | $7,251 | $7,251 | $7,251 |
Source: Ownwell
Property Tax Bills Across Adair, Illinois
In Adair, located in McDonough County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is a percentage of the market value, reflecting the estimated price a property would fetch on the open market. Once the assessed value is established, local tax rates, which are set by various taxing authorities such as school districts, municipalities, and other local entities, are applied to determine the final tax bill. For homeowners in Adair, the median home price stands at $7,251, with a consistent tax bill of $247 across various percentiles, including the 25th, 75th, and 90th. This uniformity suggests a stable and predictable property tax environment. Compared to the national median property tax rate of 0.99%, Adair's property tax rate is relatively low, providing a financial advantage to homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Adair Tax Bill
$247
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Adair, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61411 | $247 | $247 | $247 | $247 | $247 |
Source: Ownwell