Mount Carmel, Wabash County, Illinois Property Taxes

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

Median Mount Carmel, IL effective property tax rate: 2.09%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Mount Carmel, IL home value: $73,215
Median annual Mount Carmel, IL tax bill: $1,426, $974 lower than the national median property tax bill of $2,400.

How are property taxes in Wabash County calculated?

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

Last Updated March 1, 2025

Mount Carmel, Wabash County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.09%

Estimate Property Tax Bill

$1,530

$1,420

Ownwell’s Mount Carmel Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Carmel with just two data points. By entering your property's estimated assessed value, our calculator applies Mount Carmel’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 Wabash County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Mount Carmel, Wabash County, Illinois

Local government entities determine tax rates, which can differ significantly within a state. Each year, counties calculate their necessary budget to fund services and divide this by the total assessed value of all taxable property in their area. This process results in the property tax rate. While votes and regulations play a role in shaping tax rates and budgets, this is essentially the annual procedure.

Mount Carmel in Wabash County, Illinois, features an effective property tax rate of 2.09%, which is considerably higher than the national median of 1.02%. This rate places Mount Carmel among the cities with the highest property tax rates in Illinois. In fact, the property tax rate here is more than double the national median, reflecting the region's reliance on property taxes to meet budgetary needs.

For property owners in Mount Carmel, understanding these rates is crucial, as they directly impact annual tax bills, which can significantly exceed the national median of $2,400. Comparing Mount Carmel’s rate with other cities in Illinois and across the nation highlights the importance of exploring property tax appeal and exemption services to potentially reduce this financial burden.

Property Tax Rates Across Mount Carmel, Wabash County, Illinois

Source: Ownwell

1.63%

1.86%

2.09%

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 Mount Carmel Taxx Rate

2.09%

Median Effective Wabash County Taxx Rate

1.99%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Mount Carmel, Wabash County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62863	1.46%	1.77%	2.09%	2.51%	2.51%

Source: Ownwell

Property Tax Assessment Values Across Mount Carmel, Wabash County, Illinois

When examining property taxes in Mount Carmel, IL, 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 Wabash 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 Wabash County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of the season. 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 Mount Carmel. For example, the median home price in Mount Carmel is $73,215, with tax bills ranging significantly across the county. Zip code 62863 has the highest median home price at $73,215.

Property Tax Assessment Values Across Mount Carmel, Wabash County, Illinois

Source: Ownwell

$73,215

$91,073

$108,930

Median Mount Carmel Market Value

$73,215

Median Wabash County Market Value

$80,445

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Mount Carmel, Wabash County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62863	$23,238	$38,370	$73,215	$144,690	$256,776

Source: Ownwell

Property Tax Bills Across Mount Carmel, Wabash County, Illinois

In Mount Carmel, located in Wabash County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, and various local factors, such as school district funding needs and municipal budgets, influence the tax rate. With a median home price of $73,215, many homeowners in Mount Carmel may find their property tax bills vary significantly. For instance, the 25th percentile tax bill is $892, while the 75th percentile reaches $2,620, and the 90th percentile can be as high as $4,929. The median property tax bill in the area stands at $1,426, which is below the national median of $2,400, offering some relief to local homeowners. However, unexpected increases or errors in assessment can lead to higher bills. Ownwell assists homeowners by reviewing assessments, identifying potential savings, and filing appeals on their behalf, ensuring they pay only their fair share. This service can help reduce financial strain and provide peace of mind.

Property Tax Bills Across Mount Carmel, Wabash County, Illinois

Source: Ownwell

$1,426

$1,734

$2,042

Median Mount Carmel Tax Bill

$1,426

Median Wabash County Tax Bill

$1,448

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Mount Carmel, Wabash County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62863	$515	$892	$1,426	$2,620	$4,929

Source: Ownwell