Parkersburg, Illinois Property Taxes
The median property tax rate in Parkersburg, IL is 1.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Parkersburg, the typical annual property tax bill reaches $2,488, which falls just below the national median of $2,690. Property taxes in Parkersburg 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 Parkersburg'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 Parkersburg 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
Parkersburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$2,397
$2,224
Ownwell’s Parkersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkersburg 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 Parkersburg, Illinois
Property taxes in Parkersburg, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkersburg is 1.89%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Parkersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkersburg 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 Parkersburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62452 zip code has both the highest and lowest median property tax rate of 1.89%. Understanding how these areas compare with Parkersburg provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parkersburg Tax Rate
1.89%
Average Richland County Tax Rate
1.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62452 | 0.81% | 1.67% | 1.89% | 2.13% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Parkersburg, Illinois
In Parkersburg, 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 Richland 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 Parkersburg, 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 example, the median home price in Parkersburg is $126,814, with tax bills ranging from $1,181 at the 25th percentile to $5,306 at the 90th percentile. The highest and lowest median tax bills are both $2,488 in zip code 62452. 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 Parkersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Parkersburg Assessed Value
$126,814
Average Richland County Assessed Value
$112,318
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parkersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62452 | $43,191 | $66,233 | $126,814 | $193,254 | $247,516 |
Source: Ownwell
Property Tax Bills Across Parkersburg, Illinois
In Parkersburg, located in Richland County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, the median home price in Parkersburg is $126,814, and the tax rates vary significantly within the region. Homeowners in Parkersburg can expect property tax bills to range widely. At the 25th percentile, tax bills are around $1,181, while at the 75th percentile, they can reach up to $4,118. The top 10% of tax bills can be as high as $5,306. This variation is influenced by factors such as property location, improvements, and local government budgets. Compared to the national median property tax rate of 0.99%, Parkersburg's property taxes can be relatively high, impacting homeowners' annual expenses significantly. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Parkersburg Tax Bill
$2,488
Average Richland County Tax Bill
$2,107
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62452 | $577 | $1,181 | $2,488 | $4,118 | $5,306 |
Source: Ownwell