Venedy, Illinois Property Taxes
The median property tax rate in Venedey, IL is 4.29%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Venedey at $57,204, the typical annual property tax bill reaches $2,452, which is below the national median of $2,690. Property taxes in Venedey 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 Venedey'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 Venedey 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
Venedy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.29%
Estimate Property Tax Bill
$2,454
$2,277
Ownwell’s Venedy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Venedy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Venedy 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 Venedy, Illinois
Property taxes in Venedy, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Venedy is 4.29%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Venedy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Venedy 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 Venedy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62214 zip code has both the highest and lowest median property tax rate of 4.29%. Understanding how these cities compare with Venedy 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 Venedy Tax Rate
4.29%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Venedy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62214 | 4.29% | 4.29% | 4.29% | 4.29% | 4.29% |
Source: Ownwell
Property Tax Assessment Values Across Venedy, Illinois
In Venedy, 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 Washington 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 Venedy, 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 Venedy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Venedy are both $2,452, found in the 62214 zip code.
Average Venedy Assessed Value
$57,204
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 Venedy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62214 | $57,204 | $57,204 | $57,204 | $57,204 | $57,204 |
Source: Ownwell
Property Tax Bills Across Venedy, Illinois
In the city of Venedy, located in Washington County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Venedy is $57,204, the assessed value would be a proportion of this amount as determined by local assessment rules. The property tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and local tax rates play a significant role in determining the final tax bill. Homeowners in Venedy can expect a median property tax bill of $2,452, which is significantly higher than the national median property tax rate of 0.99%. This higher tax burden can impact homeowners by increasing their annual housing costs, which may influence their financial planning and budgeting. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Venedy Tax Bill
$2,452
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Venedy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62214 | $2,452 | $2,452 | $2,452 | $2,452 | $2,452 |
Source: Ownwell