Viola, Illinois Property Taxes
The median property tax rate in Viola, IL is 2.42%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Viola at $148,326, the typical annual property tax bill reaches $3,140, surpassing the national median of $2,690. Property taxes in Viola are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Viola'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 Viola or another part of Mercer County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Viola, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$3,589
$3,331
Ownwell’s Viola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Viola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Viola 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 Viola, Illinois
Property taxes in Viola, Illinois, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Viola is 2.42%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Viola set these rates annually, and they can vary across different neighborhoods. Each year, Viola 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 Viola's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61486 has both the highest and lowest median property tax rate of 2.42%. Understanding how these cities compare with Viola 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 Viola 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 Viola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61486 | 1.67% | 2.15% | 2.42% | 2.62% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Viola, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Viola, Illinois. 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 local 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. Assessment notices in Viola 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 Viola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mercer County, the highest median tax bill is $3,140 in the 61486 zip code, while the lowest median tax bill is also $3,140 in the same zip code. The median home price in the area is $148,326, with tax bills ranging from $1,759 at the 25th percentile to $6,713 at the 90th percentile.
Average Viola Assessed Value
$148,326
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 Viola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61486 | $40,943 | $81,896 | $148,326 | $225,754 | $275,318 |
Source: Ownwell
Property Tax Bills Across Viola, Illinois
In Viola, located in Mercer County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $148,326, the assessed value is determined by local assessors and then multiplied by the tax rate set by various taxing authorities, including schools, municipalities, and other local services. Homeowners in Viola face varying tax bills, with the 25th percentile paying around $1,759 and the 75th percentile paying up to $5,168. The 90th percentile sees even higher bills, reaching $6,713. These figures reflect the services and infrastructure supported by property taxes, impacting homeowners by funding essential community resources such as education, public safety, and transportation. Compared to the national median property tax rate of 0.99%, Viola's property taxes can vary significantly, affecting the overall affordability and financial planning for residents. The highest median tax bill recorded in the area is $3,140, emphasizing the importance of understanding local tax dynamics.
Average Viola Tax Bill
$3,140
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Viola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61486 | $783 | $1,759 | $3,140 | $5,168 | $6,713 |
Source: Ownwell