Jacksonville, Illinois Property Taxes
The median property tax rate in Jacksonville, IL is 3.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Jacksonville at $57,900, the typical annual property tax bill reaches $1,693, exceeding the national median of $2,690. Property taxes in Jacksonville 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 Jacksonville'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 Jacksonville 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
Jacksonville, 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 Jacksonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jacksonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jacksonville 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 Jacksonville, Illinois
Property taxes in Jacksonville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jacksonville is 3.18%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Jacksonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jacksonville 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 Jacksonville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62650 zip code has the highest median property tax rate of 3.18%, while the same zip code also has the lowest median tax rate of 3.18%. Understanding how these cities compare with Jacksonville 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 Jacksonville Tax Rate
3.18%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | 2.37% | 3.18% | 3.18% | 3.18% | 3.18% |
Source: Ownwell
Property Tax Assessment Values Across Jacksonville, Illinois
In Jacksonville, 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 Jacksonville, 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. The median home price in Jacksonville is $57,900, with tax bills ranging from $979 at the 25th percentile to $4,164 at the 90th percentile. 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 Jacksonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jacksonville Assessed Value
$57,900
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 Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | $12,438 | $34,110 | $57,900 | $87,990 | $143,406 |
Source: Ownwell
Property Tax Bills Across Jacksonville, Illinois
In Jacksonville, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the home's market value. In Morgan County, where Jacksonville is located, the median home price is $57,900. To determine the tax bill, the assessed value is multiplied by the local tax rate. For example, if the assessed value of a home is $57,900 and the tax rate is aligned with the national median of 0.99%, the annual tax bill would be approximately $573. However, actual tax bills can vary widely. In Jacksonville, the 25th percentile tax bill is $979, while the 75th percentile reaches $2,635, and the 90th percentile can be as high as $4,164. These tax bills play a significant role in a homeowner's annual expenses and can influence decisions on property investments and homeownership. High property taxes can deter potential buyers, while lower taxes can make homeownership more affordable and attractive.
Average Jacksonville Tax Bill
$1,693
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | $395 | $979 | $1,693 | $2,635 | $4,164 |
Source: Ownwell