Walsh, Illinois Property Taxes
The median property tax rate in Walsh, IL is 2.35%, significantly higher than the national median of 0.99%. With a median home value of $9,915, the typical annual property tax bill in Walsh reaches $233, which is notably lower than the national median of $2,690. Property taxes in Walsh are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Walsh'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 Walsh 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
Walsh, 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 Walsh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walsh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walsh 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 Walsh, Illinois
Property taxes in Walsh, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Walsh is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walsh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walsh 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 Walsh's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62297 zip code has both the highest and lowest median property tax rate of 2.35%. Understanding how these areas compare with Walsh 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 Walsh Tax Rate
2.35%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walsh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62297 | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Walsh, Illinois
In Walsh, 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 Walsh, 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. For instance, the median home price in Walsh is $9,915, with tax bills ranging from $233 at the 25th percentile to $233 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 62297, with a median tax bill of $233. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walsh Assessed Value
$9,915
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 Walsh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62297 | $9,915 | $9,915 | $9,915 | $9,915 | $9,915 |
Source: Ownwell
Property Tax Bills Across Walsh, Illinois
In Walsh, Randolph County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value determined by the local assessor. The tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. For homeowners in Walsh, the median home price is $9,915, with property tax bills consistently around $233, regardless of the percentile. This is relatively low compared to the national median property tax rate of 0.99%. The consistency in tax bills suggests a stable tax rate and assessed value system within the region. Homeowners benefit from predictable and manageable property tax expenses, contributing to financial stability. This system ensures that property taxes remain fair and equitable, reflecting the local economic conditions and providing necessary funding for community services.
Average Walsh Tax Bill
$233
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walsh, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62297 | $233 | $233 | $233 | $233 | $233 |
Source: Ownwell