Taylor Springs, Illinois Property Taxes
The median property tax rate in Taylor Springs, IL is 2.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Taylor Springs at $38,595, the typical annual property tax bill reaches $1,067, exceeding the national median of $2,690. Property taxes in Taylor Springs 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 Taylor Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Taylor Springs or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taylor Springs, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.76%
Estimate Property Tax Bill
$1,065
$1,041
Ownwell’s Taylor Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor Springs 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 Taylor Springs, Illinois
Property taxes in Taylor Springs, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor Springs is 2.76%, significantly higher than the U.S. national median of 0.99%. Local government entities within Taylor Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor Springs 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 Taylor Springs' effective property tax rate to other counties in Illinois and the national median. For comparison, the 62089 zip code has the highest median property tax rate of 2.76%, while the same zip code also has the lowest median tax rate of 2.76%. Understanding how these cities compare with Taylor Springs provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylor Springs Tax Rate
2.76%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62089 | 2.56% | 2.69% | 2.76% | 2.76% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Taylor Springs, Illinois
In Taylor Springs, 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 Montgomery County Assessor 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 Taylor Springs, 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 Taylor Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1067 in the 62089 zip code, while the lowest median tax bill is also $1067 in the same zip code, reflecting a consistent tax environment.
Property Tax Assessment Values Across Taylor Springs, Illinois
Source: Ownwell
$35,250
$211,260
$387,270
Average Taylor Springs Assessed Value
$38,595
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylor Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62089 | $21,537 | $23,872 | $38,595 | $81,090 | $133,416 |
Source: Ownwell
Property Tax Bills Across Taylor Springs, Illinois
In Taylor Springs, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in this area is $38,595. Property taxes are levied to fund local services such as schools, public safety, and infrastructure. The tax rate applied to the assessed value determines your annual property tax bill. Homeowners in Taylor Springs can expect a range of property tax bills. For instance, the 25th percentile tax bill is around $660, while the 75th percentile tax bill is approximately $2,117. Those at the 90th percentile may see tax bills as high as $3,339. The highest median tax bill recorded in the area is $1,067, which is consistent across the zip code 62089. Compared to the national median property tax rate of 0.99%, Taylor Springs homeowners might find their property tax rates relatively lower, depending on their home's assessed value. Understanding these factors can help homeowners anticipate their financial obligations and budget accordingly.
Average Taylor Springs Tax Bill
$1,067
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor Springs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62089 | $595 | $660 | $1,067 | $2,117 | $3,339 |
Source: Ownwell