Mount Carmel, Lawrence County, Illinois Property Taxes

Name: Property Tax Bills Across Mount Carmel, Lawrence County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Mount Carmel, IL effective property tax rate: 6.30%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Mount Carmel, IL home value: $17,074
Median annual Mount Carmel, IL tax bill: $1,075, $1,325 lower than the national median property tax bill of $2,400.

How are property taxes in Lawrence County calculated?

Property taxes in Mount Carmel, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Mount Carmel’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Mount Carmel, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Mount Carmel, Lawrence County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

6.3%

Estimate Property Tax Bill

$1,076

$998

Ownwell’s Mount Carmel Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mount Carmel with just two data points. By entering your property's estimated assessed value, our calculator applies Mount Carmel’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Lawrence. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Mount Carmel, Lawrence County, Illinois

Local government entities are responsible for setting property tax rates, which can differ significantly across various regions within a state. This variation is primarily due to each county's annual budgetary needs. Each year, counties like Lawrence in Illinois assess their financial requirements to provide essential services. They then divide this budget by the total assessed value of all taxable properties within their jurisdiction, resulting in the property tax rate. Although the process involves votes and legal stipulations, this is essentially how tax rates are determined annually.

In Mount Carmel, located in Wabash County, Illinois, the effective property tax rate can be compared to other cities within Illinois and the broader U.S. context. Illinois has a median property tax rate of 2.27%, which is notably higher than the national median of 1.02%. This means that property owners in Mount Carmel may encounter rates that reflect the state's higher-than-average property tax environment. Understanding these rates is crucial for property owners seeking to manage their tax liabilities effectively.

Property Tax Rates Across Mount Carmel, Lawrence County, Illinois

Source: Ownwell

2.06%

3.13%

4.19%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Mount Carmel Tax Rate

6.30%

Median Effective Lawrence County Tax Rate

3.07%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Mount Carmel, Lawrence County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62863	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Mount Carmel, Lawrence County, Illinois

When examining property taxes in Mount Carmel, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Lawrence County estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Lawrence County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Mount Carmel. For example, the median home price in Mount Carmel is $17,074, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Mount Carmel, Lawrence County, Illinois

Source: Ownwell

$15,791

$19,981

$24,171

Median Mount Carmel Market Value

$17,074

Median Lawrence County Market Value

$22,875

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Mount Carmel, Lawrence County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62863	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Mount Carmel, Lawrence County, Illinois

In Mount Carmel, Lawrence County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual tax bill. With a median home price of $17,074, homeowners in Mount Carmel may find their tax bills to be quite reasonable compared to the national median property tax bill of $2,400. The tax bill remains consistent at the 25th, 75th, and 90th percentiles, all at $1,075, indicating a stable tax environment for homeowners. This stability can be attributed to the local government's approach to property assessments and tax rate application. However, even with relatively low tax bills, homeowners can benefit from ensuring their property assessments are accurate and fair. Ownwell can assist by providing expert property tax appeal services, potentially reducing the tax burden. By analyzing assessments and identifying discrepancies, Ownwell helps homeowners achieve savings, ensuring they only pay their fair share in property taxes.

Property Tax Bills Across Mount Carmel, Lawrence County, Illinois

Source: Ownwell

$472

$677

$882

Median Mount Carmel Tax Bill

$1,075

Median Lawrence County Tax Bill

$743

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Mount Carmel, Lawrence County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62863	N/A	N/A	N/A	N/A	N/A

Source: Ownwell