Speer, Illinois Property Taxes
The median property tax rate in Speer, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Speer, the typical annual property tax bill reaches $4,067, exceeding the national median of $2,690. Property taxes in Speer 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 Speer'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 Speer 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
Speer, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$4,382
$4,282
Ownwell’s Speer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Speer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Speer 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 Speer, Illinois
Property taxes in Speer, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Speer is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Speer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Speer 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 Speer's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61479 zip code has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with Speer provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Speer Tax Rate
2.32%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | 1.78% | 2.09% | 2.32% | 2.59% | 2.92% |
Source: Ownwell
Property Tax Assessment Values Across Speer, Illinois
In Speer, 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 Marshall 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 Speer, 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 Speer is $188,874, with tax bills ranging from $2,606 at the 25th percentile to $9,078 at the 90th percentile. The highest and lowest median tax bills are both $4,067 in the 61479 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Speer Assessed Value
$188,874
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | $111,204 | $124,570 | $188,874 | $265,754 | $297,166 |
Source: Ownwell
Property Tax Bills Across Speer, Illinois
In Speer, located in Marshall 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 annual tax bill. Various factors influence the final tax amount, including the home's market value, the local tax rate, and any applicable exemptions or deductions. For example, the median home price in Speer is $188,874, and property taxes can vary significantly. The 25th percentile tax bill is approximately $2,606, while the 75th percentile tax bill can reach up to $7,166. At the higher end, the 90th percentile tax bill is around $9,078. These figures indicate that homeowners in Speer could face a wide range of property tax bills depending on the value of their property and other influencing factors. Comparing this to the national median property tax rate of 0.99%, homeowners in Speer may find their tax bills to be relatively high, impacting their overall cost of homeownership.
Average Speer Tax Bill
$4,067
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | $1,944 | $2,606 | $4,067 | $7,166 | $9,078 |
Source: Ownwell