Columbia, Illinois Property Taxes
The median property tax rate in Columbia, IL is 1.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Columbia at $240,360, the typical annual property tax bill reaches $4,428, exceeding the national median of $2,690. Property taxes in Columbia 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 Columbia'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 Columbia 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
Columbia, 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 Columbia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbia 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 Columbia, Illinois
Property taxes in Columbia, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Columbia is 1.90%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Columbia determine these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 foundation for setting property tax rates. For comparison, the zip code 62236 has both the highest and lowest median property tax rate of 1.90%. Understanding how these cities compare with Columbia provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
1.90%
Average Monroe County Tax Rate
1.91%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62236 | 1.57% | 1.81% | 1.90% | 1.96% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Illinois
In Columbia, 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 Monroe 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 Columbia, 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 Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Columbia are both $4428.00 in the 62236 zip code.
Average Columbia Assessed Value
$240,360
Average Monroe County Assessed Value
$218,520
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62236 | $139,326 | $176,880 | $240,360 | $325,320 | $417,324 |
Source: Ownwell
Property Tax Bills Across Columbia, Illinois
In Columbia, Illinois, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Columbia is $240,360. Local tax assessors determine the assessed value, and this figure is then multiplied by the local tax rate. Monroe County’s median property tax rate is higher than the national median of 0.99%. This means homeowners in Columbia can expect to pay a significant amount in property taxes. For example, the 25th percentile tax bill is $3,101, while the 75th percentile tax bill reaches $6,191. At the 90th percentile, homeowners may face tax bills as high as $8,084. The highest and lowest median tax bills in Columbia, both amounting to $4,428, are found in the 62236 zip code. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Columbia Tax Bill
$4,428
Average Monroe County Tax Bill
$3,972
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62236 | $2,207 | $3,101 | $4,428 | $6,191 | $8,084 |
Source: Ownwell