Ellis Grove, Illinois Property Taxes
The median property tax rate in Ellis Grove, IL is 1.77%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ellis Grove at $80,400, the typical annual property tax bill reaches $1,476, exceeding the national median of $2,690. Property taxes in Ellis Grove 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 Ellis Grove'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 Ellis Grove or another part of Randolph County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ellis Grove, 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 Ellis Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ellis Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ellis Grove 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 Ellis Grove, Illinois
Property taxes in Ellis Grove, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellis Grove is 1.77%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ellis Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellis Grove 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 Ellis Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62241 has the highest median property tax rate of 1.77%, while the same zip code also has the lowest median tax rate of 1.77%. Understanding how these cities compare with Ellis Grove provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ellis Grove Tax Rate
1.77%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ellis Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62241 | 1.66% | 1.77% | 1.77% | 1.88% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Ellis Grove, Illinois
In Ellis Grove, 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 Randolph 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 Ellis Grove, 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 Ellis Grove 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 $1476 in the 62241 zip code, while the lowest median tax bill is also $1476 in the same zip code.
Average Ellis Grove Assessed Value
$80,400
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ellis Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62241 | $4,080 | $17,078 | $80,400 | $115,132 | $167,580 |
Source: Ownwell
Property Tax Bills Across Ellis Grove, Illinois
In Ellis Grove, Randolph County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the property's market value. For example, with a median home price of $80,400, the tax bill varies significantly across different percentiles. Homeowners at the 25th percentile can expect a tax bill around $308, while those at the 75th percentile might see a bill closer to $2,099. The highest tax bills, such as those at the 90th percentile, can reach up to $2,739. These variations reflect the different property values and tax rates within the area. The median property tax rate in Ellis Grove is notably competitive, especially when compared to the national median rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly. This localized approach ensures that property taxes are fairly distributed based on property values within the community.
Average Ellis Grove Tax Bill
$1,476
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellis Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62241 | $78 | $308 | $1,476 | $2,099 | $2,739 |
Source: Ownwell