Arenzville, Illinois Property Taxes
The median property tax rate in Arenzville, IL is 2.34%, slightly lower than the state median of 2.35% but significantly higher than the national median of 0.99%. With the median home value in Arenzville at $32,040, the typical annual property tax bill amounts to $553, which is well below the national median of $2,690. Property taxes in Arenzville are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Arenzville'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 Arenzville 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
Arenzville, 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 Arenzville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arenzville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arenzville 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 Arenzville, Illinois
Property taxes in Arenzville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arenzville is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Arenzville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arenzville 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 Arenzville's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62611 has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these areas compare with Arenzville provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arenzville Tax Rate
2.34%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arenzville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62611 | 0.52% | 1.20% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Arenzville, Illinois
In Arenzville, 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 Morgan 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 Arenzville, 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 Arenzville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $553 in the 62611 zip code.
Average Arenzville Assessed Value
$32,040
Average Morgan County Assessed Value
$54,570
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arenzville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62611 | $25,344 | $27,855 | $32,040 | $70,470 | $93,528 |
Source: Ownwell
Property Tax Bills Across Arenzville, Illinois
In Arenzville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Arenzville is $32,040. Tax rates in this region are influenced by various factors, including local government budgets, school funding needs, and public service requirements. Homeowners in Arenzville can expect a median tax bill of approximately $553 annually, which aligns with the highest and lowest median tax bills in the 62611 zip code. Tax bills can vary significantly, with the 25th percentile at $310 and the 75th percentile at $650, indicating that some residents may pay more or less depending on their property's assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Arenzville's property taxes are relatively modest. These taxes play a crucial role in funding essential community services, impacting homeowners by contributing to the quality of local schools, infrastructure, and public safety.
Average Arenzville Tax Bill
$553
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Arenzville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62611 | $164 | $310 | $553 | $650 | $709 |
Source: Ownwell