Patterson, Illinois Property Taxes
The median property tax rate in Patterson, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Patterson, the typical annual property tax bill reaches $177, which is significantly lower than the national median of $2,690. Property taxes in Patterson 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 Patterson'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 Patterson 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
Patterson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$294
$287
Ownwell’s Patterson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patterson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patterson 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 Patterson, Illinois
Property taxes in Patterson, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patterson is 2.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Patterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patterson 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 Patterson's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62078 zip code has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these cities compare with Patterson provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patterson Tax Rate
2.41%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patterson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62078 | 0.93% | 1.33% | 2.41% | 2.41% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Patterson, Illinois
In Patterson, 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 Greene County 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. Assessment notices in Patterson 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 Patterson is $12,179, with tax bills ranging from $114 at the 25th percentile to $715 at the 90th percentile. The highest and lowest median tax bills are both $177, found in the zip code 62078. By understanding 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 Patterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Patterson Assessed Value
$12,179
Average Greene County Assessed Value
$57,802
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patterson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62078 | $2,672 | $5,270 | $12,179 | $32,143 | $51,275 |
Source: Ownwell
Property Tax Bills Across Patterson, Illinois
Property tax bills in Patterson, Greene County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Patterson is $12,179, and the tax rate for the area is applied to this assessed value to determine the annual tax bill. Factors such as the property's location within the county, improvements made to the property, and any applicable exemptions can influence the assessed value. Homeowners in Patterson can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is approximately $114, while those in the 75th percentile face around $435. The 90th percentile sees tax bills as high as $715. These figures highlight the range of property tax burdens within the community, which can impact homeowners' financial planning and overall cost of living. Comparatively, with the national median property tax rate at 0.99%, Patterson’s tax bills reflect the economic landscape of the region.
Average Patterson Tax Bill
$177
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Patterson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62078 | $64 | $114 | $177 | $435 | $715 |
Source: Ownwell