Indianola, Illinois Property Taxes
The median property tax rate in Indianola, Illinois is 2.63%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Indianola, the typical annual property tax bill reaches $1,459, exceeding the national median of $2,690. Property taxes in Indianola 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 Indianola'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 Indianola or another part of Vermilion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Indianola, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.63%
Estimate Property Tax Bill
$1,628
$1,591
Ownwell’s Indianola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Indianola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indianola 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 Indianola, Illinois
Property taxes in Indianola, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indianola is 2.63%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Indianola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indianola 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 Indianola's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61850 zip code has the highest median property tax rate of 2.63%, while the same zip code also has the lowest median tax rate of 2.63%. Understanding how these cities compare with Indianola provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indianola Tax Rate
2.63%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indianola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61850 | 1.26% | 2.01% | 2.63% | 3.13% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Indianola, Illinois
In Indianola, 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 local 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 Indianola, 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 Indianola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1459, found in zip code 61850, while the lowest median tax bill is also $1459 in the same zip code.
Average Indianola Assessed Value
$61,911
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indianola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61850 | $12,908 | $26,910 | $61,911 | $105,146 | $166,622 |
Source: Ownwell
Property Tax Bills Across Indianola, Illinois
In Indianola, Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, this means that the higher the market value of their property, the higher their tax bill. The median home price in Indianola is $61,911, and tax bills can vary significantly. At the 25th percentile, homeowners might pay around $563, while those at the 75th percentile could see bills as high as $2,644. For those at the 90th percentile, tax bills can soar to approximately $4,350. These figures highlight the range of potential tax liabilities depending on property values and assessment practices. Compared to the national median property tax rate of 0.99%, the variability in Indianola's tax bills illustrates how local assessment rates and property values influence the overall tax burden on homeowners. Understanding these factors is crucial for homeowners looking to manage their property tax obligations effectively.
Average Indianola Tax Bill
$1,459
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Indianola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61850 | $224 | $563 | $1,459 | $2,644 | $4,350 |
Source: Ownwell