Mount Sterling, Illinois Property Taxes
The median property tax rate in Mount Sterling, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Sterling at $95,835, the typical annual property tax bill reaches $2,223, which is still below the national median of $2,690. Property taxes in Mount Sterling are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Sterling'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 Mount Sterling 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
Mount Sterling, 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 Mount Sterling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sterling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sterling 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 Mount Sterling, Illinois
Property taxes in Mount Sterling, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 2.55%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Mount Sterling's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62353 zip code has both the highest and lowest median property tax rate of 2.55%. Understanding how these cities compare with Mount Sterling provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sterling Tax Rate
2.55%
Average Brown County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | 1.89% | 2.24% | 2.55% | 2.65% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Illinois
In Mount Sterling, 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 local 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 Mount Sterling, 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 Mount Sterling 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 62353, with a median tax bill of $2,223.
Average Mount Sterling Assessed Value
$95,835
Average Brown County Assessed Value
$92,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $20,958 | $49,162 | $95,835 | $157,185 | $222,573 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Illinois
In Mount Sterling, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Mount Sterling experience a range of property tax bills. For instance, the 25th percentile tax bill is $1,244, while the 75th percentile reaches $3,660. At the higher end, the 90th percentile tax bill is $5,411. The median home price in the area is $95,835, which is relatively modest compared to national standards. The property tax rate in Mount Sterling can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. For residents, understanding how these factors contribute to their tax bill is crucial for financial planning and property management.
Average Mount Sterling Tax Bill
$2,223
Average Brown County Tax Bill
$2,224
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $635 | $1,244 | $2,223 | $3,660 | $5,411 |
Source: Ownwell