Knox County Real Estate and Livability Trends
Knox County, Illinois has seen a rise in average taxable income per tax return, hitting $59,829.54 in 2021, which might attract interest from investors and developers. Median home values climbed from $80,400 in 2015 to $96,800 in 2022, remaining well below state and national medians. Meanwhile, average real estate taxes surged from roughly $3,345.07 in 2012 to $6,250.00 in 2021, hinting at rising... Read more
Knox County Market Trends
Knox County, Illinois has seen its median home values climb from $80,400 in 2015 to $96,800 in 2022, remaining significantly below state and national medians. Rising residential energy tax credits, peaking at an average of $3,366.67 in 2018, suggest incentives for energy-efficient home improvements. Average real estate taxes surged from roughly $3,345.07 in 2012 to $6,250.00 in 2021, hinting at... Read more
Median Value of Occupied Housing Units in Knox County, Illinois Over the Last 8 Years
Knox County, Illinois experienced a steady increase in median home values over the last eight years, rising from $80,400 in 2015 to $96,800 in 2022. Despite this growth, the county's median home value remains significantly lower compared to both the state and national figures. In 2022, the median value in Illinois was $239,100, and nationwide it was $179,400. This lower threshold could present appealing opportunities for investors and homebuyers looking for more affordable options within Illinois, although some might consider the slower appreciation rate relative to state and national figures.
Residential Energy Tax Credit Per Tax Return in Knox County, IL Over the Last 9 Years
Residential energy tax credits in Knox County, Illinois have shown significant increases over the last nine years, peaking dramatically in 2018 at an average of $3366.67 per tax return. This fluctuation indicates potential incentives for investing in energy-efficient home improvements, driving property values and possibly affecting insurance rates. For real estate agents and appraisers, understanding these trends is crucial for assessing property investments. Builders and investors might find this data indicative of opportunities to leverage energy-saving initiatives for both economic and environmental benefits. Such financial incentives could influence decisions for those considering moving to the area or enhancing existing properties.
Average Real Estate Taxes Per Tax Return in Knox County, IL Over the Last 10 Years
Over the last decade, Knox County, Illinois has seen a noteworthy upward trend in average real estate taxes per tax return. Back in 2012, the figure stood at approximately $3,345.07, but by 2021, it peaked at around $6,250.00 before slightly declining to $5,968.18. Such a significant increase, especially noticeable between 2017 to 2020, might be indicative of higher property valuations or increased tax rates. This trend is crucial for potential investors, insurers, and real estate agents, as it may affect property affordability, insurance premiums, and overall investment value in the area.
Percentage of Farm Returns in Knox County, IL Over the Last 10 Years
Farm tax returns in Knox County, Illinois, have hovered around 3.1% over the last decade, reflecting a minor but consistent presence of agricultural activities. There's been a slight decline over the years, with 2021 showing a dip to approximately 2.8%. This trend suggests that farming remains a stable, though gradually diminishing, part of the county's economic landscape, informing potential investors or residents about the area's shift towards other industries or the pressures on local agriculture.
Number of Mortgages by Occupancy Type in Knox County, IL Over the Last 5 Years in Knox County
Understanding the trends in mortgage counts by occupancy type in Knox County, Illinois can reveal underlying dynamics in the housing market. Investment property mortgages remained relatively stable, fluctuating slightly around the 100 mark, which might suggest consistent interest from investors. Principal residences saw a jump in 2020 and 2021, a possible spike influenced by external factors like the pandemic, indicating a surge in home buying or refinancing. Second residences, although a smaller segment, also demonstrated notable variance, with peaks possibly tied to shifts in vacation or additional home purchases. These shifts inform appraisal valuations, investment strategies, risk assessments for insurance, and real estate viability, offering crucial insights for potential investors, homebuyers, and professionals in the local housing market.
Economic Outlook
Knox County, Illinois has witnessed a rise in average taxable income per tax return, peaking at $59,829.54 in 2021. This trend, despite occasional dips, signals steady economic growth that might draw interest from investors and developers. Income tax fluctuations, from a low of $5,068.20 in 2016 to a high of $10,019.05 in 2021, also reflect economic and policy changes which could influence financial decisions for new residents and investors. Meanwhile, shifts in total tax liability, ranging... Read more
Average Taxable Income per Tax Return in Knox County, IL over the last 9 years
Over the past nine years, Knox County, Illinois has seen a general increase in average taxable income per tax return, peaking at $59,829.54 in 2021. Despite some fluctuations, the trend suggests modest economic growth which could be appealing to potential investors and property developers. This gradual income rise indicates a potentially stable economic environment conducive for both residential and commercial ventures.
Average State and Local Income Taxes Per Tax Return in Knox County, IL Over the Last 10 Years
Over the past decade, Knox County, Illinois has experienced significant fluctuations in average state and local income taxes per tax return. From a low of $5,068.20 in 2016 to a marked peak of $10,019.05 in 2021, these variations highlight both economic shifts and policy changes impacting taxpayers. This volatility might be of particular interest to investors, homeowners, and new residents assessing the financial landscape of Knox County.
Average Total Tax Liability Per Tax Return in Knox County, IL Over the Last 10 Years
Over the past decade, Knox County, Illinois has seen fluctuations in the average total tax liability per tax return, ranging from $7,433.40 in 2020 to a high of $8,153.48 in 2021. The data indicates some variability with a notable dip in 2018 at $7,523.85, but the most recent figures suggest a possible upward trend. For those considering investment or relocation, these tax trends might be a key consideration for financial planning and understanding the economic environment of the county.
Cost of Living in Knox County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,012 | $1,436 | $2,569 | $1,058 | $1,366 |
| 1 adult 4 children | $1,012 | $1,172 | $1,970 | $1,058 | $1,386 |
| 2 adults 3 children | $1,012 | $1,173 | $2,227 | $1,058 | $1,110 |
| 1 adult 3 children | $1,012 | $958 | $1,627 | $1,058 | $1,110 |
| 2 adults 2 children | $774 | $960 | $1,884 | $959 | $965 |
| 2 adults 1 child | $774 | $759 | $1,541 | $640 | $919 |
| 1 adult 2 children | $774 | $717 | $1,285 | $959 | $851 |
| 1 adult 1 child | $774 | $490 | $942 | $640 | $722 |
| 2 adults | $588 | $610 | $1,199 | $0 | $717 |
| 1 adult | $547 | $332 | $599 | $0 | $559 |
Demographics
Knox County, Illinois, shows a nearly balanced gender distribution, with males slightly edging females in the adult population. The area reveals a significant portion of its residents are high school graduates, but there are gaps in higher education attainment. Age-wise, there's a notable concentration in the 25 to 64 years range, hinting at a workforce-heavy demographic. Racially, the majority identify as White, with smaller but present minority groups adding to the county's... Read more
Race Distribution in Knox County, Illinois (2022)
Educational Attainment in Knox County, Illinois (2022)
Age Distribution in Knox County, Illinois
Citizen Population in Knox County, Illinois (2022)
Political Trends & Data
Knox County, Illinois leaned Republican in the 2020 U.S. Presidential Election, capturing approximately 52% of votes, while Democrats secured about 46%. Minor parties like the Libertarians and Greens only netted around 1.1% and 0.5% respectively. This political split hints at a balanced landscape, possibly affecting local decision-making and community... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Knox County, Illinois has shown a slight Republican preference in the 2020 U.S. Presidential Election with approximately 52% of votes. Democrats trailed closely at about 46%, while minor parties like the Libertarians and Greens captured a small fraction of the vote, around 1.1% and 0.5% respectively. The data suggests that while the county leans Republican, there is a notable Democratic presence, potentially indicating a balanced political landscape.
51.89% of voters voted for the Republican party in the 2020 Presidential Election
46.25% of voters voted for the Democrat party in the 2020 Presidential Election
1.11% of voters voted for the Livertarian party in the 2020 Presidential Election
0.50% of voters voted for the Green party in the 2020 Presidential Election
0.25% of voters voted for the Other party in the 2020 Presidential Election
School Data
Knox County, Illinois has seen its student-to-teacher ratio drop from 15 in 2014 to around 11 in 2023, diverging from the national average of 14. This trend of increased individual attention in classrooms could influence family relocation decisions, boost the county's appeal for real estate agents, and affect property appraisals by signaling potentially better educational quality, thus enhancing the area's attractiveness for living and... Read more
Student-to-teacher ratio in Knox County, Illinois over the last 9 years
Knox County, Illinois has seen notable fluctuations in its student-to-teacher ratio over the last nine years. After a drop from 15 students per teacher in 2014 to around 14 in 2015, the ratio continued to decline, reaching its lowest of approximately 11 students per teacher in 2023. This downward trend diverges from the US national average of 14 students per teacher, suggesting increased individual attention for students in Knox County. Such changes could influence decisions for families considering relocation, real estate agents pitching the area, and appraisers evaluating property values, as a lower student-to-teacher ratio might indicate better educational quality, potentially making the county a more attractive place to live and invest.
