Ashland, Illinois Property Taxes
The median property tax rate in Ashland, IL, is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ashland at $34,110, the typical annual property tax bill reaches $828, exceeding the national median of $2,690. Property taxes in Ashland 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 Ashland'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 Ashland 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
Ashland, 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 Ashland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ashland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ashland 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 Ashland, Illinois
Property taxes in Ashland, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashland is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ashland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ashland 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 Ashland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62612 zip code has the highest median property tax rate of 2.57%, while the 62612 zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Ashland 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 Ashland Tax Rate
2.57%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62612 | 1.40% | 2.44% | 2.57% | 2.70% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Ashland, Illinois
In Ashland, 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 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 Ashland, 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 Ashland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Ashland is $828.00, found in the 62612 zip code.
Average Ashland Assessed Value
$34,110
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 Ashland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62612 | $16,548 | $28,155 | $34,110 | $91,125 | $196,986 |
Source: Ownwell
Property Tax Bills Across Ashland, Illinois
In Ashland, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Morgan County see their property taxes determined by multiplying the assessed value by the local tax rate. With the national median property tax rate at 0.99%, Ashland's rates can vary significantly. For instance, the median home price in Ashland is $34,110, leading to a range of tax bills. Homeowners at the 25th percentile pay around $369, while those at the 75th percentile face bills up to $2,415. At the higher end, the 90th percentile tax bill can reach $4,835. Interestingly, the highest and lowest median tax bills in the area are both $828, found in the 62612 zip code. These variations impact homeowners differently, with higher tax bills potentially affecting affordability and financial planning. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Ashland Tax Bill
$828
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62612 | $50 | $369 | $828 | $2,415 | $4,835 |
Source: Ownwell