Elmwood, Illinois Property Taxes
The median property tax rate in Elmwood, 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 Elmwood, the typical annual property tax bill reaches $2,754, exceeding the national median of $2,690. Property taxes in Elmwood 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 Elmwood'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 Elmwood 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
Elmwood, 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 Elmwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood 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 Elmwood, Illinois
Property taxes in Elmwood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Elmwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61529 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these areas compare with Elmwood 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 Elmwood Tax Rate
2.57%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | 2.01% | 2.32% | 2.57% | 2.81% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood, Illinois
In Elmwood, 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 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 Elmwood, 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 Elmwood is $111,630, with tax bills ranging from $1,772 at the 25th percentile to $5,889 at the 90th percentile. The zip code with the highest median tax bill is 61529, with a median tax bill of $2,754. 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 Elmwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elmwood Assessed Value
$111,630
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 Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | $23,103 | $75,052 | $111,630 | $156,615 | $227,433 |
Source: Ownwell
Property Tax Bills Across Elmwood, Illinois
In Elmwood, located in Peoria County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this region face a median property tax rate of 0.99%, aligning with the national median. This means that for a home with a median price of $111,630, the tax bill can vary significantly depending on the assessed value and other factors like local tax rates and exemptions. For instance, the tax bill at the 25th percentile is $1,772, while at the 75th percentile, it rises to $4,029. At the 90th percentile, homeowners may see tax bills as high as $5,889. The highest median tax bill recorded in Elmwood is $2,754, which can be a significant financial consideration for residents. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Elmwood. Understanding these factors helps homeowners anticipate their financial responsibilities and the benefits they receive in return.
Average Elmwood Tax Bill
$2,754
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61529 | $666 | $1,772 | $2,754 | $4,029 | $5,889 |
Source: Ownwell