Nokomis, Illinois Property Taxes
The median property tax rate in Nokomis, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Nokomis at $105,690, the typical annual property tax bill reaches $2,306, slightly below the national median of $2,690. Property taxes in Nokomis 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 Nokomis'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 Nokomis 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
Nokomis, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,537
$2,354
Ownwell’s Nokomis Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Nokomis with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Nokomis to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. 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 Nokomis, Illinois
Property taxes in Nokomis, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nokomis is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nokomis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nokomis 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 Nokomis's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62075 has both the highest and lowest median property tax rate of 2.40%. Understanding how these areas compare with Nokomis provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nokomis Tax Rate
2.40%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | 1.62% | 1.99% | 2.40% | 2.69% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Nokomis, Illinois
In Nokomis, 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 Montgomery 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. 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 Nokomis 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 $2,306 in the 62075 zip code, while the lowest median tax bill is also $2,306 in the same zip code.
Average Nokomis Assessed Value
$105,690
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | $17,202 | $45,750 | $105,690 | $166,575 | $221,535 |
Source: Ownwell
Property Tax Bills Across Nokomis, Illinois
In Nokomis, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $105,690, homeowners might see a significant variation in their tax bills. The tax bill at the 25th percentile is $1,124, while at the 75th percentile, it rises to $4,302, and at the 90th percentile, it reaches $5,643. These figures illustrate how property taxes can vary widely within the same area. The highest median tax bill in the county is $2,306, which is considerably above the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, influencing decisions on buying, selling, or renovating properties. Understanding how these factors interplay is crucial for residents to manage their financial planning effectively.
Average Nokomis Tax Bill
$2,306
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nokomis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62075 | $686 | $1,124 | $2,306 | $4,302 | $5,643 |
Source: Ownwell