Tuscola, Illinois Property Taxes
The median property tax rate in Tuscola, IL is 1.37%, which is notably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $110,565, the typical annual property tax bill in Tuscola comes to $1,504, which is below the national median of $2,690. Property taxes in Tuscola are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tuscola'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 Tuscola 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
Tuscola, 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 Tuscola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tuscola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tuscola 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 Tuscola, Illinois
Property taxes in Tuscola, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tuscola is 1.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tuscola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tuscola 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 Tuscola's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61953 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Tuscola provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tuscola Tax Rate
1.37%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tuscola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61953 | 1.19% | 1.26% | 1.37% | 1.49% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Tuscola, Illinois
In Tuscola, 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 Douglas 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 Tuscola, 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 Tuscola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1504 in the 61953 zip code, while the lowest is also $1504 in the same zip code.
Average Tuscola Assessed Value
$110,565
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tuscola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61953 | $104,961 | $107,062 | $110,565 | $114,068 | $116,169 |
Source: Ownwell
Property Tax Bills Across Tuscola, Illinois
In Tuscola, 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 annual tax bill. For example, with a median home price of $110,565, homeowners can expect their property tax bill to fall within the range of $1,428 to $1,625, depending on various factors such as property location and any applicable exemptions. Comparing this to the national median property tax rate of 0.99%, Tuscola's tax rates are relatively moderate. The highest median tax bill recorded in the area is $1,504, which is consistent across the zip code 61953. This consistent rate helps homeowners predict their tax expenses more accurately. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting the quality of life in the community. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for the future.
Average Tuscola Tax Bill
$1,504
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tuscola, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61953 | $1,382 | $1,428 | $1,504 | $1,580 | $1,625 |
Source: Ownwell