Smithboro, Illinois Property Taxes
The median property tax rate in Smithboro, IL is 2.46%, notably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Smithboro, the typical annual property tax bill reaches $1,212, which is below the national median of $2,690. Property taxes in Smithboro 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 Smithboro'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 Smithboro 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
Smithboro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$1,611
$1,574
Ownwell’s Smithboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithboro 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 Smithboro, Illinois
Property taxes in Smithboro, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithboro is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Smithboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithboro 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 Smithboro's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62284 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these areas compare with Smithboro provides valuable insights into the varying tax landscape across Bond County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithboro Tax Rate
2.46%
Average Bond County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62284 | 1.33% | 1.95% | 2.46% | 2.77% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Smithboro, Illinois
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Smithboro, Illinois. 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 Bond 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 Smithboro, 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 example, the median home price in Smithboro is $65,487, with tax bills ranging from $833 at the 25th percentile to $4,545 at the 90th percentile. Notably, the zip code 62284 has the highest median tax bill, valued at $1,212. 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 Smithboro Assessed Value
$65,487
Average Bond County Assessed Value
$56,846
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62284 | $12,609 | $33,991 | $65,487 | $97,228 | $155,190 |
Source: Ownwell
Property Tax Bills Across Smithboro, Illinois
In Smithboro, located in Bond County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. For instance, the median home price in Smithboro is $65,487. Homeowners in Smithboro can expect their property tax bills to vary significantly. The 25th percentile tax bill is $833, while the 75th percentile reaches $2,207, and the 90th percentile can go as high as $4,545. These figures indicate a wide range of tax burdens, reflecting the diversity in property values and assessments within the area. Compared to the national median property tax rate of 0.99%, Smithboro's tax rates can significantly impact homeowners, influencing decisions on property purchases and long-term investments. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Smithboro Tax Bill
$1,212
Average Bond County Tax Bill
$1,285
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62284 | $308 | $833 | $1,212 | $2,207 | $4,545 |
Source: Ownwell