Altamont, Illinois Property Taxes
The median property tax rate in Altamont, IL is 1.50%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Altamont, the typical annual property tax bill reaches $2,076, falling below the national median of $2,690. Property taxes in Altamont 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 Altamont'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 Altamont 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
Altamont, 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 Altamont Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Altamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altamont to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. 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 Effingham County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Altamont, Illinois
Property taxes in Altamont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamont is 1.50%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Altamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altamont 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 Altamont's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62411 has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Altamont provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamont Tax Rate
1.50%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | 0.50% | 1.14% | 1.50% | 1.75% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Altamont, Illinois
In Altamont, 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 Effingham County Assessor 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 Altamont, 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. For instance, the median home price in Altamont is $153,630, with tax bills ranging from $1,028 at the 25th percentile to $4,714 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Altamont Assessed Value
$153,630
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | $58,950 | $101,175 | $153,630 | $215,520 | $282,864 |
Source: Ownwell
Property Tax Bills Across Altamont, Illinois
In Altamont, located in Effingham County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Altamont is $153,630. The local tax rate is applied to this assessed value to determine the tax bill. Various factors influence the final tax amount, including property size, location, and any applicable exemptions or deductions. Homeowners in Altamont can expect their property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is around $1,028, while at the 75th percentile, it rises to approximately $3,142. Those in the 90th percentile may see tax bills as high as $4,714. These figures highlight the range of tax burdens homeowners might face, which can significantly impact their annual financial planning. Compared to the national median property tax rate of 0.99%, Effingham County's rates reflect regional variations that homeowners must consider when budgeting for their property expenses.
Average Altamont Tax Bill
$2,076
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | $354 | $1,028 | $2,076 | $3,142 | $4,714 |
Source: Ownwell