London Mills, Knox County, Illinois Property Taxes
Property Taxes in London Mills, Illinois
Median London Mills, Illinois effective property tax rate: 2.79%, significantly higher than the national median of 1.02%, and higher than the Illinois state median of 2.33%.
Median London Mills, Illinois home value: $106,200
Median annual London Mills, Illinois tax bill: $3,208, $808 higher than the national median property tax bill of $2,400.
How are property taxes in Knox calculated?
Property taxes in London Mills, Illinois 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 London Mills's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in London Mills, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
London Mills, Knox County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.79%
Estimate Property Tax Bill
$2,963
$2,750
How Does the London Mills Property Tax Calculator Work?
Use this London Mills property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies London Mills's median effective tax rate of 2.79% — based on actual property records in Knox County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies London Mills's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within London Mills: rates range from 3208.00 in 61544 to 3208.00 in 61544, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across London Mills.
About London Mills Property Taxes
About Property Taxes in London Mills, Knox, Illinois
London Mills’s median effective property tax rate of 2.79% is higher than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the Knox County base levy combined with local school district levies and special service areas that can vary by subdivision throughout the city.
Property tax rates are not uniform across London Mills. Homeowners in the 61544 ZIP code carry a median effective rate of 2.79%, while the same ZIP also reflects the city’s lowest rate of 2.79%. That means there is no spread across the city, but the rate still sits well above the national median and can lead to a larger annual tax bill.
London Mills homeowners who believe their assessed value is too high can file a formal appeal with the Knox County Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across London Mills, Knox County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate.
While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare London Mills's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Our median effective property tax rate (tax bill Ă· 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 London Mills Tax Rate
2.79%
Our median effective property tax rate (tax bill Ă· 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 Knox County Tax Rate
2.82%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | 1.98% | 2.44% | 2.79% | 2.95% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across London Mills, Knox County, Illinois
When examining property taxes in London Mills, Illinois, 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. The Knox 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.
Assessment notices:
In Knox County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 London Mills.
For example, the median home price in London Mills is $106,200, with tax bills ranging significantly across the county. 61544 has the highest median home price at $106,200.
Property Tax Assessment Values Across London Mills, Knox County, Illinois
Source: Ownwell
$40,530
$174,788
$309,045
Median London Mills Market Value
$106,200
Median Knox County Market Value
$93,540
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $23,778 | $76,305 | $106,200 | $223,020 | $278,220 |
Source: Ownwell
Property Tax Bills Across London Mills, Knox County, Illinois
Property tax bills in London Mills are based on the assessed value of a home and the local tax rate set by the county and other taxing bodies. For homeowners, the bill is calculated by applying that rate to the property’s assessed market value, so changes in home value or local budgets can affect what is owed each year.
With a median home price of $106,200, the typical tax bill in the area is $3,208, which is above the national median property tax bill of $2,400. That means many homeowners in London Mills pay more than the national norm, even though bills can vary widely from one property to another.
The 25th percentile tax bill is $1,650, while the 75th percentile reaches $6,332 and the 90th percentile climbs to $7,561. This range shows how much property taxes can differ based on a home’s assessed value and the tax rates applied, making the bill an important part of long-term homeownership costs.
Median London Mills Tax Bill
$3,208
Median Knox County Tax Bill
$2,355
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across London Mills, Knox County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61544 | $410 | $1,650 | $3,208 | $6,332 | $7,561 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| Knox Tax Assessor | |
| Website | knoxil.devnetwedge.com |