Keithsburg, Illinois Property Taxes
The median property tax rate in Keithsburg, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Keithsburg, the typical annual property tax bill reaches $2,779, exceeding the national median of $2,690. Property taxes in Keithsburg 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 Keithsburg'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 Keithsburg 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
Keithsburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$2,816
$2,752
Ownwell’s Keithsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keithsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keithsburg 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 Keithsburg, Illinois
Property taxes in Keithsburg, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Keithsburg is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Keithsburg set these rates annually, and they can vary across different neighborhoods. Each year, Keithsburg 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 Keithsburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61442 zip code has the highest median property tax rate of 2.42%, while the same zip code also has the lowest median tax rate of 2.42%. Understanding how these cities compare with Keithsburg provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keithsburg Tax Rate
2.42%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keithsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61442 | 2.03% | 2.36% | 2.42% | 2.69% | 2.75% |
Source: Ownwell
Property Tax Assessment Values Across Keithsburg, Illinois
In Keithsburg, 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 Mercer County Assessment Office 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 Keithsburg, 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 Keithsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61442, both at $2,779.
Average Keithsburg Assessed Value
$116,378
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keithsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61442 | $14,614 | $60,585 | $116,378 | $188,366 | $278,574 |
Source: Ownwell
Property Tax Bills Across Keithsburg, Illinois
In Keithsburg, property tax bills are calculated based on the assessed value of a home, which is determined by the Mercer County Assessor's Office. The assessed value typically represents a percentage of the property's market value. Homeowners in Keithsburg see a wide range of property tax bills. For instance, the 25th percentile tax bill is around $1,457, while those in the 75th percentile can expect to pay about $4,730. The highest median tax bill in the area is $2,779, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. With such a broad range of tax bills, Keithsburg homeowners should regularly review their assessments to ensure accuracy and fairness.
Average Keithsburg Tax Bill
$2,779
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Keithsburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61442 | $453 | $1,457 | $2,779 | $4,730 | $7,234 |
Source: Ownwell