Potomac, Vermilion County, Illinois Property Taxes

Name: Property Tax Bills Across Potomac, Vermilion County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Potomac, IL effective property tax rate: 2.48%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Potomac, IL home value: $75,548
Median annual Potomac, IL tax bill: $1,680, $720 lower than the national median property tax bill of $2,400.

How are property taxes in Vermilion calculated?

Property taxes in Potomac, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Potomac’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Potomac, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Potomac, Vermilion County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.48%

Estimate Property Tax Bill

$1,874

$1,739

Ownwell’s Potomac Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Potomac with just two data points. By entering your property's estimated assessed value, our calculator applies Potomac’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Vermilion. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Potomac, Vermilion County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Potomac’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Potomac, located in Vermilion County, has a property tax rate significantly higher than the national median of 1.02%. This might seem daunting, but it's crucial to understand that higher tax rates often fund essential services like schools, infrastructure, and emergency services, which enhance the quality of life. By staying informed and exploring potential exemptions or appeals, property owners can better navigate these costs while contributing to their community's well-being.

Property Tax Rates Across Potomac, Vermilion County, Illinois

Source: Ownwell

2.05%

2.46%

2.86%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Potomac Tax Rate

2.48%

Median Effective Vermilion County Tax Rate

2.53%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Potomac, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61865	1.34%	1.99%	2.48%	2.82%	3.17%

Source: Ownwell

Property Tax Assessment Values Across Potomac, Vermilion County, Illinois

When examining property taxes in Potomac, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Vermilion County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Vermilion County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Potomac.

For example, the median home price in Potomac is $75,548, with tax bills ranging significantly across the county. The zip code 61865 has the highest median home price at $75,548.

Property Tax Assessment Values Across Potomac, Vermilion County, Illinois

Source: Ownwell

$28,646

$72,481

$116,316

Median Potomac Market Value

$75,548

Median Vermilion County Market Value

$59,223

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Potomac, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61865	$23,501	$45,366	$75,548	$108,838	$158,715

Source: Ownwell

Property Tax Bills Across Potomac, Vermilion County, Illinois

In Potomac, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in this area is $75,548. Property tax rates are applied to this assessed value to determine the tax bill. Potomac's property tax bills vary significantly, with the 25th percentile at $908 and the 75th percentile reaching $2,737, while the 90th percentile can be as high as $4,063. These figures indicate that homeowners in Potomac may face varying tax burdens, with some paying significantly more than the national median property tax bill of $2,400. Homeowners can potentially reduce their tax bills by appealing their property assessments and seeking exemptions. This is where Ownwell's expertise comes into play. By utilizing Ownwell's property tax appeal and exemption services, homeowners can ensure their properties are fairly assessed, potentially saving them money and reducing their overall tax burden.

Property Tax Bills Across Potomac, Vermilion County, Illinois

Source: Ownwell

$561

$1,728

$2,894

Median Potomac Tax Bill

$1,680

Median Vermilion County Tax Bill

$1,325

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Potomac, Vermilion County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61865	$437	$908	$1,680	$2,737	$4,063

Source: Ownwell