Kirkwood, Illinois Property Taxes
The median property tax rate in Kirkwood, IL is 2.80%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Kirkwood, the typical annual property tax bill reaches $638, which is notably lower than the national median of $2,690. Property taxes in Kirkwood 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 Kirkwood'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 Kirkwood 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
Kirkwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.8%
Estimate Property Tax Bill
$638
$624
Ownwell’s Kirkwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kirkwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kirkwood 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 Kirkwood, Illinois
Property taxes in Kirkwood, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kirkwood is 2.80%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Kirkwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kirkwood 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 Kirkwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61447 zip code has the highest median property tax rate of 2.80%, while the same zip code also has the lowest median tax rate of 2.80%. Understanding how these areas compare with Kirkwood provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kirkwood Tax Rate
2.80%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kirkwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61447 | 2.03% | 2.64% | 2.80% | 2.80% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Kirkwood, Illinois
In Kirkwood, 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 Warren 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 Kirkwood, 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. The median home price in Kirkwood is $228,000, with tax bills ranging from $470 at the 25th percentile to $2,342 at the 90th percentile. The highest and lowest median tax bill in the area both stand at $638 in the 61447 zip code. 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 Kirkwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kirkwood Assessed Value
$22,800
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kirkwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61447 | $13,083 | $16,800 | $22,800 | $54,360 | $96,300 |
Source: Ownwell
Property Tax Bills Across Kirkwood, Illinois
In Kirkwood, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value, which in Kirkwood, aligns with the median home price of $22,800. Various factors influence the tax bill, including property size, location, and any improvements made to the property. Homeowners in Kirkwood can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $470, while the 75th percentile tax bill rises to $1,017. At the 90th percentile, the tax bill can reach up to $2,342. These figures demonstrate the range of property tax obligations within the city, reflecting differences in property values and assessments. Compared to the national median property tax rate of 0.99%, Kirkwood's tax rates can be considered in context, offering a perspective on how local taxes impact homeowners. Understanding these factors helps residents anticipate their annual property tax responsibilities and budget accordingly.
Average Kirkwood Tax Bill
$638
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Kirkwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61447 | $366 | $470 | $638 | $1,017 | $2,342 |
Source: Ownwell