Thebes, Illinois Property Taxes
The median property tax rate in Thebes, IL is 2.04%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Thebes at $48,591, the typical annual property tax bill reaches $896, which is below the national median of $2,690. Property taxes in Thebes 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 Thebes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Thebes 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
Thebes, 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 Thebes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thebes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thebes 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 Thebes, Illinois
Property taxes in Thebes, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thebes is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thebes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thebes 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 Thebes's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62990 zip code has the highest median property tax rate of 2.04%, while the same zip code also has the lowest median tax rate of 2.04%. Understanding how these cities compare with Thebes provides valuable insights into the varying tax landscape across Alexander County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thebes Tax Rate
2.04%
Average Alexander County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thebes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62990 | 1.06% | 1.54% | 2.04% | 2.57% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Thebes, Illinois
In Thebes, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Alexander County Assessment Office 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 Thebes, 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 Thebes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62990 has the highest and lowest median tax bill at $896.
Average Thebes Assessed Value
$48,591
Average Alexander County Assessed Value
$44,430
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thebes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62990 | $7,272 | $23,613 | $48,591 | $85,190 | $147,636 |
Source: Ownwell
Property Tax Bills Across Thebes, Illinois
In Thebes, located in Alexander County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is influenced by factors such as the property's location, size, and condition. For instance, with a median home price of $48,591, the property tax bills can vary significantly. Homeowners in the 25th percentile pay around $456, while those in the 75th percentile see bills closer to $1,972. At the 90th percentile, the tax bill can reach up to $3,030. These taxes fund essential public services like schools, emergency services, and infrastructure. The property tax rate in Thebes can be compared to the national median property tax rate of 0.99%, offering a perspective on how local rates stack up. Homeowners should be aware of these factors as they directly impact their annual expenses and the overall affordability of owning property in Thebes.
Average Thebes Tax Bill
$896
Average Alexander County Tax Bill
$956
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thebes, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62990 | $174 | $456 | $896 | $1,972 | $3,030 |
Source: Ownwell