Edwards, Illinois Property Taxes
The median property tax rate in Edwards, IL is 2.54%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Edwards, the typical annual property tax bill reaches $5,460, exceeding the national median of $2,690. Property taxes in Edwards 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 Edwards'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 Edwards 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
Edwards, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.54%
Estimate Property Tax Bill
$5,639
$5,233
Ownwell’s Edwards Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Edwards with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Edwards to provide an accurate estimate of your property tax bill. This invaluable tool helps you understand your potential tax liabilities, offering peace of mind and financial clarity. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Edwards, Illinois
Property taxes in Edwards, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Edwards is 2.54%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Edwards set these rates annually, and they can vary significantly across different neighborhoods. Each year, Edwards 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 Edwards' effective property tax rate to other counties in Illinois and the national median. For comparison, the 61528 zip code has the highest median property tax rate of 2.54%, while the same zip code also has the lowest median tax rate of 2.54%. Understanding how these cities compare with Edwards provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Edwards Tax Rate
2.54%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Edwards, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61528 | 2.06% | 2.27% | 2.54% | 2.81% | 2.97% |
Source: Ownwell
Property Tax Assessment Values Across Edwards, Illinois
In Edwards, 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 Peoria 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 Edwards, 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 Edwards is $222,015, with tax bills ranging from $2,255 at the 25th percentile to $10,609 at the 90th percentile. The zip code with the highest median tax bill is 61528, amounting to $5,460. 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 Edwards helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Edwards Assessed Value
$222,015
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Edwards, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61528 | $1,659 | $105,075 | $222,015 | $305,370 | $383,961 |
Source: Ownwell
Property Tax Bills Across Edwards, Illinois
In Edwards, Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the final tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Edwards can see a wide range in their property tax bills. For instance, the 25th percentile tax bill is around $2,255, while those at the 75th percentile pay approximately $8,232, and the 90th percentile tax bill reaches up to $10,609. These figures illustrate the variability in property taxes within the region, influenced by differences in property values and assessment practices. Comparatively, the median home price in Edwards is $222,015, and the property tax rate can significantly impact homeowners' annual expenses. Understanding these factors is crucial for homeowners to manage their finances effectively and anticipate their yearly tax obligations.
Average Edwards Tax Bill
$5,460
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Edwards, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61528 | $95 | $2,255 | $5,460 | $8,232 | $10,609 |
Source: Ownwell