Average Tax Assessment in Wabash County
Real Estate Values and Property Tax Valuation in Wabash County, Illinois
Wabash County has 490 properties with a cumulative value of $53.8M, representing 0.008% of all real estate value in Illinois. The total property taxes collected in Wabash County across these 490 properties is $1.0M, with an average property tax rate of 1.88%. The average Wabash County homeowner pays $2,099 in property taxes compared to the state average of $5,405. Property taxes are calculated based on the assessed value of the property, which is typically lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
| Important Links | |
|---|---|
| Wabash Assessor | (260) 563-0661 |
| Wabash Recorder of Deeds | (618) 262-4561 |
| Wabash Recorder | (260) 563-0661 |
| Wabash Treasurer | (618) 262-5262 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Wabash County
Residential Property Taxes by Cities in Wabash County
Wabash County has an average property tax rate of 1.88%, which is slightly lower than the national average of 1.89%. This rate is applied to all properties in the county, regardless of their location. However, the effective property tax rate can vary significantly across the cities in Wabash County. For example, the city of Mount Carmel has the highest effective property tax rate of 1.94%, while the city of Mount Carmel also has the lowest effective property tax rate of 1.94%. This means that property owners in Mount Carmel pay slightly more in property taxes than those in other cities in the county.
Overall, Wabash County has a relatively low property tax rate compared to other counties in the state. This is beneficial for property owners in the county, as it helps to keep their tax bills lower. However, it is important to note that the effective property tax rate can vary significantly across the cities in Wabash County, so it is important to research the rates in each city before making a decision about where to purchase property.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Wabash County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Mount Carmel | $22,410 | $37,080 | $69,270 | $137,910 | $227,430 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Wabash County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Mount Carmel | $490 | $801 | $1,343 | $2,499 | $4,452 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Mount Carmel | 2.19% | 2.16% | 1.94% | 1.81% | 1.96% |
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Real Estate Values in Wabash County
The median home price in Wabash County, Illinois has seen a slight increase of 0.56% from October 2022 to October 2023, rising from $225.0K to $226.2K. However, the home inventory in Wabash County has decreased from 13 in October 2022 to 9 in October 2023, indicating a decrease in the availability of homes in the area. This could be driving the slight increase in median home prices.
Average Home Value in Wabash County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Wabash County
Last updated: November 2023
Percent Change in New Home Listings in Wabash County
Last updated: November 2023
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Mortgage Rates in Wabash County
There are currently no outstanding loans in Wabash County, making it one of the few counties in the United States without any mortgages. This is likely due to the fact that the median home value in the county is relatively low, making it difficult for potential buyers to qualify for a loan. Additionally, there is no variation in mortgage rates across the county, as there are no lenders offering mortgages in the area. This means that potential buyers in Wabash County are unable to take advantage of any potential savings that could come from shopping around for the best rate.
Overall, mortgages in Wabash County are not a viable option for potential buyers due to the lack of lenders and the low median home value. This means that potential buyers must look elsewhere for financing, or find alternative ways to purchase a home. While this may be a challenge, it is important to remember that there are still options available for those looking to purchase a home in Wabash County.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Wabash County by city.
We currently do not have this data but we are working to add this soon.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Wabash County.
We currently do not have this data but we are working to add this soon.
Housing Expenses in Wabash County, Illinois
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