Calhoun, Illinois Property Taxes
The median property tax rate in Calhoun, Illinois, is 1.85%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $82,050 in Calhoun, the typical annual property tax bill reaches $1,525, which is below the national median of $2,690. Property taxes in Calhoun are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Calhoun'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 Calhoun or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Calhoun, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,518
$1,483
Ownwell’s Calhoun Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calhoun with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calhoun 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 Calhoun, Illinois
Property taxes in Calhoun, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calhoun is 1.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Calhoun set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calhoun 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. For comparison, the 62419 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these areas compare with Calhoun provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calhoun Tax Rate
1.85%
Average Richland County Tax Rate
1.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calhoun, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62419 | 1.13% | 1.44% | 1.85% | 2.09% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Calhoun, Illinois
In Calhoun, 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 local 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 Calhoun, 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 Calhoun is $82,050. Homeowners in the 25th percentile can expect a tax bill around $827, while those in the 75th percentile might see a bill closer to $3,318. 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 Calhoun helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Calhoun Assessed Value
$82,050
Average Richland County Assessed Value
$112,318
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calhoun, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62419 | $25,974 | $44,360 | $82,050 | $170,217 | $260,227 |
Source: Ownwell
Property Tax Bills Across Calhoun, Illinois
Property tax bills in Calhoun, Illinois, are calculated based on the assessed value of a property, which is typically a percentage of the market value. In Calhoun, the median home price stands at $82,050. Local tax authorities apply a tax rate to the assessed value to determine the annual property tax bill. For homeowners in Calhoun, the tax bill varies significantly, with the 25th percentile at $827 and the 75th percentile reaching $3,318. At the higher end, the 90th percentile tax bill can be as much as $5,638. Several factors influence these calculations, including property location, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Calhoun's property tax rates can vary widely, impacting homeowners differently based on their property's assessed value and the applicable tax rate. This variability in tax bills can significantly affect household budgets, making it crucial for homeowners to understand how their property taxes are determined and managed.
Average Calhoun Tax Bill
$1,525
Average Richland County Tax Bill
$2,107
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Calhoun, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62419 | $396 | $827 | $1,525 | $3,318 | $5,638 |
Source: Ownwell