Toulon, Illinois Property Taxes
The median property tax rate in Toulon, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Toulon at $130,330, the typical annual property tax bill reaches $2,703, slightly surpassing the national median of $2,690. Property taxes in Toulon 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 Toulon'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 Toulon or another part of Stark County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toulon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$2,958
$2,745
Ownwell’s Toulon Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Toulon with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Toulon to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, offering clarity and peace of mind. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Stark County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Toulon, Illinois
Property taxes in Toulon, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toulon is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Toulon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toulon 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 Toulon's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61483 has both the highest and lowest median property tax rate of 2.27%. Understanding how these areas compare with Toulon provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toulon Tax Rate
2.27%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | 1.51% | 2.01% | 2.27% | 2.41% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Toulon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Toulon, Illinois. 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 Stark 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 Toulon, 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 Toulon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Toulon is $130,330, with annual tax bills ranging significantly, from the 25th percentile at $1,163 to the 90th percentile at $7,515. The highest and lowest median tax bill is $2,703, found in the zip code 61483.
Average Toulon Assessed Value
$130,330
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | $28,183 | $70,912 | $130,330 | $228,179 | $337,762 |
Source: Ownwell
Property Tax Bills Across Toulon, Illinois
In Toulon, located in Stark County, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Toulon is $130,330, the assessed value would be a fraction of this amount, determined by local assessment practices. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Toulon can expect a wide range of tax bills, with the 25th percentile tax bill at $1,163 and the 75th percentile reaching $5,032. At the higher end, the 90th percentile tax bill is $7,515. These property taxes significantly impact homeowners, contributing to local services like schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Toulon's rates can vary, reflecting the specific needs and budgetary requirements of the local community.
Average Toulon Tax Bill
$2,703
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Toulon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61483 | $241 | $1,163 | $2,703 | $5,032 | $7,515 |
Source: Ownwell