Illinois City, Illinois Property Taxes
The median property tax rate in ILLINOIS CITY, IL is 3.04%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $141,147 in ILLINOIS CITY, the typical annual property tax bill reaches $4,359, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding ILLINOIS CITY'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 ILLINOIS CITY 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
Illinois City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$4,291
$3,982
Ownwell’s ILLINOIS CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ILLINOIS CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ILLINOIS CITY 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 Illinois City, Illinois
Property taxes in Illinois City, IL, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Illinois City is 3.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Illinois City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Illinois City 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 Illinois City's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61259 zip code has the highest median property tax rate of 3.04%, while the same zip code also has the lowest median tax rate of 3.04%. Understanding how these cities compare with Illinois City provides valuable insights into the varying tax landscape across Rock Island County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Illinois City Tax Rate
3.04%
Average Rock Island County Tax Rate
2.90%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | 2.49% | 2.72% | 3.04% | 3.40% | 3.73% |
Source: Ownwell
Property Tax Assessment Values Across Illinois City, Illinois
In Illinois City, 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 Rock Island 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 Illinois City, 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. For instance, the median home price in Illinois City is $141,147, with tax bills ranging from $3,164 at the 25th percentile to $7,619 at the 90th percentile. The zip code 61259 has the highest median tax bill of $4,359. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Illinois City Assessed Value
$141,147
Average Rock Island County Assessed Value
$104,406
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | $79,070 | $106,543 | $141,147 | $180,300 | $239,754 |
Source: Ownwell
Property Tax Bills Across Illinois City, Illinois
In ILLINOIS CITY, property tax bills are calculated based on the assessed value of a home, which is derived from a percentage of the market value. The local tax rate, which is applied to this assessed value, significantly impacts the final tax bill. In Rock Island County, homeowners face a median property tax bill that is higher than the national median property tax rate of 0.99%. Various factors, including the property's location, size, and improvements, influence the assessed value. For instance, the median home price in ILLINOIS CITY is $141,147, leading to diverse tax bills across different percentiles. Homeowners at the 25th percentile pay around $3,164, while those at the 75th percentile face bills of approximately $5,964. At the 90th percentile, the tax bill can reach up to $7,619. These figures illustrate how property taxes can vary widely, affecting homeowners' financial planning and housing affordability. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Illinois City Tax Bill
$4,359
Average Rock Island County Tax Bill
$2,928
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Illinois City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61259 | $2,307 | $3,164 | $4,359 | $5,964 | $7,619 |
Source: Ownwell