Columbus, Illinois Property Taxes
The median property tax rate in Columbus, 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 Columbus, the typical annual property tax bill reaches $126, which is significantly lower than the national median of $2,690. Property taxes in Columbus 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 Columbus'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 Columbus 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
Columbus, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Columbus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbus 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 Columbus, Illinois
Property taxes in Columbus, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbus is 2.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Columbus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbus 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 Columbus's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62320 has both the highest and lowest median property tax rate of 2.17%. Understanding how these cities compare with Columbus provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbus Tax Rate
2.17%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62320 | 2.17% | 2.17% | 2.17% | 2.17% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Columbus, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Columbus, Illinois. 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 Adams 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 Columbus, 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 Columbus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $126.00, found in the 62320 zip code.
Average Columbus Assessed Value
$5,820
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62320 | $5,820 | $5,820 | $5,820 | $5,820 | $5,820 |
Source: Ownwell
Property Tax Bills Across Columbus, Illinois
In Columbus, Adams County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Columbus face a relatively low property tax burden compared to the national median property tax rate of 0.99%. The median home price in Columbus is $5,820, leading to a median tax bill of $126. This consistency in tax bills is reflected across different percentiles, with the 25th, 75th, and 90th percentiles all reporting the same tax bill amount. This uniformity suggests a stable and predictable property tax environment for homeowners. Understanding these factors can help homeowners better anticipate their annual expenses and manage their finances more effectively. Overall, the property tax system in Columbus aims to balance fairness and predictability for its residents.
Average Columbus Tax Bill
$126
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbus, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62320 | $126 | $126 | $126 | $126 | $126 |
Source: Ownwell