Coffeen, Illinois Property Taxes
The median property tax rate in Coffeen, Illinois is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Coffeen at $244,899, the typical annual property tax bill reaches $6,307, significantly exceeding the national median of $2,690. Property taxes in Coffeen 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 Coffeen'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 Coffeen 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
Coffeen, 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 Coffeen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coffeen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coffeen 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 Coffeen, Illinois
Property taxes in Coffeen, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coffeen is 2.16%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Coffeen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coffeen 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 Coffeen's effective property tax rate to other counties in Illinois and the national median. For comparison, Coffeen has the highest median property tax rate of 2.16%, while it also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Coffeen provides valuable insights into the varying tax landscape across Bond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coffeen Tax Rate
2.58%
Average Bond County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coffeen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62017 | 2.58% | 2.58% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Coffeen, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Coffeen, Illinois. The market value represents 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 for tax purposes by the Bond County Appraisal District. 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 Coffeen, 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 Coffeen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62017, with a tax bill of $6,307, which is also the lowest median tax bill in the area.
Average Coffeen Assessed Value
$244,899
Average Bond County Assessed Value
$56,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coffeen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62017 | $244,899 | $244,899 | $244,899 | $244,899 | $244,899 |
Source: Ownwell
Property Tax Bills Across Coffeen, Illinois
In Coffeen, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $244,899 in Coffeen, homeowners can expect their property tax bill to be around $6,307, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's location within Bond County, its market value, and the specific tax rate set by local taxing authorities. These tax bills are crucial for homeowners as they fund essential public services such as schools, infrastructure, and emergency services. However, the relatively high tax bills in Coffeen can be a financial burden for homeowners, making it essential for them to understand the factors influencing their property taxes and explore potential exemptions or appeals to reduce their tax liabilities.
Average Coffeen Tax Bill
$6,307
Average Bond County Tax Bill
$1,285
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coffeen, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62017 | $6,307 | $6,307 | $6,307 | $6,307 | $6,307 |
Source: Ownwell