Coleta, Illinois Property Taxes
The median property tax rate in Coleta, IL is 1.88%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $80,877 in Coleta, the typical annual property tax bill reaches $1,439, surpassing the national median of $2,690. Property taxes in Coleta are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Coleta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Coleta or another part of Whiteside County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coleta, 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 Coleta Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Coleta with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Coleta to predict your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Coleta, Illinois
Property taxes in Coleta, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coleta is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Coleta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coleta 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 Coleta's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61081 zip code has the highest median property tax rate of 1.88%, while the 61081 zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Coleta provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coleta Tax Rate
1.88%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coleta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61081 | 0.95% | 1.51% | 1.88% | 2.31% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Coleta, Illinois
In Coleta, 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 Whiteside 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 Coleta, 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. The median home price in Coleta stands at $80,877, with tax bills ranging from $811 at the 25th percentile to $1,935 at the 75th percentile. The highest median tax bill is $1,439 in the 61081 zip code, which also has the lowest median tax bill at $1,439. 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 Coleta Assessed Value
$80,877
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coleta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61081 | $41,108 | $60,178 | $80,877 | $101,348 | $126,605 |
Source: Ownwell
Property Tax Bills Across Coleta, Illinois
In Coleta, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a fraction of its market value. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the local tax rate, the assessed value of the property, and any exemptions for which the homeowner might qualify. The median home price in Coleta is $80,877. Homeowners in Coleta experience a range of tax bills, with the 25th percentile at $811 and the 75th percentile at $1,935. At the higher end, the 90th percentile tax bill reaches $2,468. These figures indicate that property taxes can vary significantly depending on the value and specific characteristics of the property. Compared to the national median property tax rate of 0.99%, Coleta's property tax rates and bills can present a substantial cost to homeowners, influencing their overall cost of living and financial planning.
Average Coleta Tax Bill
$1,439
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Coleta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61081 | $526 | $811 | $1,439 | $1,935 | $2,468 |
Source: Ownwell