Shipman, Illinois Property Taxes
The median property tax rate in Shipman, IL is 1.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shipman, the typical annual property tax bill reaches $1,311, which is below the national median of $2,690. Property taxes in Shipman 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 Shipman'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 Shipman 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
Shipman, 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 Shipman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shipman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shipman 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 Shipman, Illinois
Property taxes in Shipman, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shipman is 1.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shipman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shipman 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 Shipman's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62685 zip code has the highest median property tax rate of 1.78%, while the 62685 zip code also has the lowest median tax rate of 1.78%. Understanding how these cities compare with Shipman provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shipman Tax Rate
1.78%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shipman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | 0.99% | 1.49% | 1.78% | 2.07% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Shipman, Illinois
In Shipman, 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 Macoupin 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. In Shipman, 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 Shipman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Shipman is $1311 in the 62685 zip code, while the lowest median tax bill is also $1311 in the same zip code.
Average Shipman Assessed Value
$79,712
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shipman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | $18,995 | $48,825 | $79,712 | $117,363 | $168,151 |
Source: Ownwell
Property Tax Bills Across Shipman, Illinois
In Shipman, Macoupin 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 local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property type, exemptions, and local government budgets play a significant role in the final calculation. For instance, the median home price in Shipman is $79,712. With the national median property tax rate at 0.99%, homeowners in Shipman can expect varying tax bills. The 25th percentile tax bill is $646, while the 75th percentile tax bill reaches $2,122, and the 90th percentile can go up to $3,067. These variations significantly impact homeowners, as higher property taxes can affect affordability and overall cost of living. The highest median tax bill in the area is $1,311, highlighting the range within the county. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Shipman Tax Bill
$1,311
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shipman, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62685 | $241 | $646 | $1,311 | $2,122 | $3,067 |
Source: Ownwell