Energy, Illinois Property Taxes
The median property tax rate in ENERGY, IL is 2.17%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in ENERGY at $100,095, the typical annual property tax bill reaches $2,036, which is below the national median of $2,690. Property taxes in ENERGY 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 ENERGY'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 ENERGY 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
Energy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$2,172
$2,016
Ownwell’s ENERGY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ENERGY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ENERGY 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 Energy, Illinois
Property taxes in ENERGY, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ENERGY is 2.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within ENERGY set these rates annually, and they can vary significantly across different neighborhoods. Each year, ENERGY 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 ENERGY's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62933 has both the highest and lowest median property tax rate of 2.17%. Understanding how these cities compare with ENERGY provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Energy Tax Rate
2.17%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Energy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62933 | 1.21% | 1.74% | 2.17% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Energy, Illinois
In ENERGY, 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 Williamson 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 ENERGY, 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 ENERGY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62933 has the highest and lowest median tax bill of $2,036.
Average Energy Assessed Value
$100,095
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Energy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62933 | $29,028 | $66,570 | $100,095 | $138,968 | $203,754 |
Source: Ownwell
Property Tax Bills Across Energy, Illinois
In Energy, located in Williamson County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. Assessors determine the property's assessed value, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and improvements. For instance, the median home price in Energy is $100,095. Homeowners in the 25th percentile can expect a tax bill around $1,145, while those in the 75th percentile might see bills closer to $3,050. At the 90th percentile, the tax bill can reach up to $4,831. Compared to the national median property tax rate of 0.99%, Energy's property tax bills reflect the area's specific valuation and tax rate. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Energy Tax Bill
$2,036
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Energy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62933 | $441 | $1,145 | $2,036 | $3,050 | $4,831 |
Source: Ownwell