Sciota, Illinois Property Taxes
The median property tax rate in Sciota, IL is 2.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sciota, the typical annual property tax bill reaches $557, which is significantly lower than the national median of $2,690. Property taxes in Sciota 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 Sciota'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 Sciota or another part of McDonough County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sciota, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$557
$545
Ownwell’s Sciota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sciota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sciota 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 Sciota, Illinois
Property taxes in Sciota, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sciota is 2.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sciota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sciota 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 Sciota's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61475 has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these areas compare with Sciota provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sciota Tax Rate
2.74%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sciota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61475 | 2.74% | 2.74% | 2.74% | 2.74% | 2.74% |
Source: Ownwell
Property Tax Assessment Values Across Sciota, Illinois
In Sciota, 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 McDonough 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 Sciota, 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 highest median tax bill is $557 in the 61475 zip code, and the lowest median tax bill is also $557 in the same zip code. 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 Sciota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sciota Assessed Value
$20,346
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sciota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61475 | $20,346 | $20,346 | $20,346 | $20,346 | $20,346 |
Source: Ownwell
Property Tax Bills Across Sciota, Illinois
In Sciota, located in McDonough County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a fraction of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, a median home price in Sciota is $20,346, and the property tax rate is applied to this value. Homeowners in Sciota can expect a tax bill around $557, which is consistent across various percentiles, indicating a relatively stable tax environment. This amount is notably lower than the national median property tax rate of 0.99%, making Sciota an attractive location for homeowners seeking affordable property taxes. The calculated tax bill has a direct impact on homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Sciota Tax Bill
$557
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sciota, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61475 | $557 | $557 | $557 | $557 | $557 |
Source: Ownwell