Industry, Illinois Property Taxes
The median property tax rate in INDUSTRY, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in INDUSTRY, the typical annual property tax bill reaches $177, exceeding the national median of $2,690. Property taxes in INDUSTRY 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 INDUSTRY'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 INDUSTRY 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
Industry, 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 INDUSTRY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in INDUSTRY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INDUSTRY 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 Industry, Illinois
Property taxes in INDUSTRY, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in INDUSTRY is 2.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within INDUSTRY set these rates annually, and they can vary significantly across different neighborhoods. Each year, INDUSTRY 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 INDUSTRY's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61440 zip code has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with INDUSTRY 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 Industry Tax Rate
2.48%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Industry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61440 | 2.48% | 2.48% | 2.48% | 2.48% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Industry, Illinois
In INDUSTRY, 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 INDUSTRY, 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 INDUSTRY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $177.00 in the 61440 zip code, while the lowest median tax bill is also $177.00 in the same zip code.
Average Industry Assessed Value
$8,256
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 Industry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61440 | $6,466 | $7,137 | $8,256 | $29,355 | $42,014 |
Source: Ownwell
Property Tax Bills Across Industry, Illinois
In INDUSTRY, property tax bills are calculated based on the assessed value of a home, which is determined by the McDonough County Assessor's Office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in INDUSTRY, the median home price is $8,256, leading to a tax bill that varies based on the value of the property and the specific tax rate applied. The 25th percentile tax bill is $163, while the 75th percentile tax bill is $191, and the 90th percentile tax bill reaches $199. Compared to the national median property tax rate of 0.99%, homeowners in INDUSTRY experience relatively low property taxes. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Industry Tax Bill
$177
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Industry, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61440 | $155 | $163 | $177 | $191 | $199 |
Source: Ownwell