Nashville, Illinois Property Taxes
The median property tax rate in Nashville, Illinois is 2.64%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Nashville, the typical annual property tax bill reaches $830, which is below the national median of $2,690. Property taxes in Nashville are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Nashville'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 Nashville 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
Nashville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$1,179
$1,094
Ownwell’s Nashville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nashville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nashville 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 Nashville, Illinois
Property taxes in Nashville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nashville is 2.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Nashville set these rates annually, and they can vary across different neighborhoods. Each year, Nashville 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 Nashville's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 62263 has the highest median property tax rate of 2.64%, while the same zip code also has the lowest median tax rate of 2.64%. Understanding how these cities compare with Nashville provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nashville Tax Rate
2.64%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nashville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62263 | 1.29% | 1.78% | 2.64% | 2.97% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Nashville, Illinois
In Nashville, 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 Nashville, 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 Nashville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Washington County, the highest median tax bill is $830 in the 62263 zip code, while the lowest median tax bill is also $830 in the same zip code.
Average Nashville Assessed Value
$44,656
Average Washington County Assessed Value
$38,358
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nashville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62263 | $4,466 | $12,097 | $44,656 | $66,280 | $90,711 |
Source: Ownwell
Property Tax Bills Across Nashville, Illinois
In Nashville, Washington County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this assessed value, taking into account factors such as property size, location, and condition. Homeowners in the area experience varying tax bills, with the median home price at $44,656. For instance, the tax bill at the 25th percentile is $326, while at the 75th percentile, it rises to $1,378. The 90th percentile sees tax bills as high as $2,198. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, the rates in Nashville can be seen as relatively moderate, offering a balanced approach to funding public services while considering homeowners' financial burdens. The highest and lowest median tax bills in the area are both reported at $830, indicating a consistent tax environment within the zip code 62263.
Average Nashville Tax Bill
$830
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nashville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62263 | $159 | $326 | $830 | $1,378 | $2,198 |
Source: Ownwell