Williamsfield, Illinois Property Taxes
The median property tax rate in Williamsfield, IL is 2.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Williamsfield at $130,770, the typical annual property tax bill reaches $3,010, exceeding the national median of $2,690. Property taxes in Williamsfield 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 Williamsfield'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 Williamsfield 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
Williamsfield, 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 Williamsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsfield 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 Williamsfield, Illinois
Property taxes in Williamsfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsfield is 2.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Williamsfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsfield 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 Williamsfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61489 has the highest median property tax rate of 2.17%, while the lowest median tax rate is also 2.17%. Understanding how these cities compare with Williamsfield 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 Williamsfield Tax Rate
2.17%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | 2.07% | 2.14% | 2.17% | 2.30% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Williamsfield, Illinois
In Williamsfield, 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 Williamsfield, 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 Williamsfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3010, found in zip code 61489, while the lowest is also $3010 in the same zip code.
Average Williamsfield Assessed Value
$130,770
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 Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | $110,988 | $116,190 | $130,770 | $219,810 | $237,270 |
Source: Ownwell
Property Tax Bills Across Williamsfield, Illinois
In Williamsfield, 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 is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. This tax rate can vary depending on the specific needs of the community, such as funding for schools, infrastructure, and public services. For homeowners in Williamsfield, the property tax bill can significantly impact their annual expenses. The median home price in the area is $130,770, and property tax bills range from $2,521 at the 25th percentile to $6,224 at the 90th percentile. Compared to the national median property tax rate of 0.99%, homeowners in Williamsfield may find their tax bills to be relatively high, reflecting the local tax rate and assessed property values. This can be a crucial factor for prospective buyers and current homeowners when budgeting for their housing costs.
Average Williamsfield Tax Bill
$3,010
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Williamsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61489 | $2,388 | $2,521 | $3,010 | $4,460 | $6,224 |
Source: Ownwell