South Jacksonville, Illinois Property Taxes
The median property tax rate in South Jacksonville, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in South Jacksonville at $72,120, the typical annual property tax bill reaches $1,907, which is below the national median of $2,690. Property taxes in South 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 South 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 South 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
South Jacksonville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$1,904
$1,767
Ownwell’s South Jacksonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Jacksonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South Jacksonville, Illinois
Property taxes in South 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 South Jacksonville is 2.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Jacksonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South Jacksonville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62650 zip code has both the highest and lowest median property tax rate of 2.64%. Understanding how these cities compare with South 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 South Jacksonville Tax Rate
2.64%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | 2.24% | 2.64% | 2.64% | 2.64% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across South Jacksonville, Illinois
In South 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 Assessor 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 South 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in South Jacksonville is $72,120, with tax bills ranging from $1,602 at the 25th percentile to $3,144 at the 90th percentile. The highest and lowest median tax bills are both $1,907 in the 62650 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Jacksonville, Illinois
Source: Ownwell
$1,620
$222,735
$443,850
Average South Jacksonville Assessed Value
$72,120
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 South Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | $60,126 | $60,570 | $72,120 | $101,040 | $133,314 |
Source: Ownwell
Property Tax Bills Across South Jacksonville, Illinois
In South Jacksonville, property tax bills are calculated based on the assessed value of a home, which is determined by the Morgan County Assessor's Office. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as the home's location, market value, and any applicable exemptions are considered in this process. For instance, the median home price in South Jacksonville is $72,120, and homeowners typically see a range of property tax bills. The 25th percentile tax bill is around $1,602, while the 75th percentile reaches up to $2,515. Those in the 90th percentile face tax bills as high as $3,144. The highest and lowest median tax bills in the area are both recorded at $1,907 in the 62650 zip code. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly. Compared to the national median property tax rate of 0.99%, South Jacksonville's property taxes can vary significantly, impacting homeowners differently based on their property's assessed value and location.
Average South Jacksonville Tax Bill
$1,907
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across South Jacksonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62650 | $1,489 | $1,602 | $1,907 | $2,515 | $3,144 |
Source: Ownwell