Thompsonville, Illinois Property Taxes
The median property tax rate in Thompsonville, IL is 2.27%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thompsonville, the typical annual property tax bill reaches $1,451, exceeding the national median of $2,690. Property taxes in Thompsonville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thompsonville'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 Thompsonville or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thompsonville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$1,429
$1,397
Ownwell’s Thompsonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompsonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompsonville 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 Thompsonville, Illinois
Property taxes in Thompsonville, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompsonville is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thompsonville set these rates annually, and they can vary across different neighborhoods. Each year, Thompsonville 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 Thompsonville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62890 has the highest median property tax rate of 2.27%, while the same zip code also has the lowest median tax rate of 2.27%. Understanding how these areas compare with Thompsonville provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsonville Tax Rate
2.27%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | 1.03% | 1.59% | 2.27% | 2.62% | 3.38% |
Source: Ownwell
Property Tax Assessment Values Across Thompsonville, Illinois
In Thompsonville, 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 Franklin County Assessor's 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 Thompsonville, 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. For instance, the median home price in Thompsonville is $62,970, with tax bills ranging from $721 at the 25th percentile to $4,128 at the 90th percentile. The zip code 62890 has the highest median tax bill of $1,451. 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 Thompsonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thompsonville Assessed Value
$62,970
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $9,111 | $30,270 | $62,970 | $110,955 | $170,034 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Illinois
In Thompsonville, Franklin County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Thompsonville see a range of property tax bills, influenced by various factors including the assessed home value and local tax rates. For instance, the median home price in the area is $62,970. The 25th percentile tax bill is $721, while the 75th percentile tax bill reaches $2,573, and the 90th percentile tax bill can go as high as $4,128. These variations highlight how different property values and tax assessments can significantly impact the amount homeowners owe. Compared to the national median property tax rate of 0.99%, Thompsonville's property tax bills can reflect a wide range of financial obligations for homeowners. Understanding these factors is crucial for homeowners to budget and plan for their annual property tax expenses effectively.
Average Thompsonville Tax Bill
$1,451
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompsonville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62890 | $241 | $721 | $1,451 | $2,573 | $4,128 |
Source: Ownwell