Chambersburg, Illinois Property Taxes
The median property tax rate in Chambersburg, IL is 2.60%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $120,570 in Chambersburg, the typical annual property tax bill reaches $2,678, closely aligning with the national median of $2,690. Property taxes in Chambersburg are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Chambersburg'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 Chambersburg 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
Chambersburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$3,135
$3,063
Ownwell’s Chambersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chambersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chambersburg 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 Chambersburg, Illinois
Property taxes in Chambersburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chambersburg is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chambersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chambersburg 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 Chambersburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62323 zip code has the highest median property tax rate of 2.60%, while the same zip code also has the lowest median tax rate of 2.60%. Understanding how these areas compare with Chambersburg provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chambersburg Tax Rate
2.60%
Average Brown County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | 1.92% | 2.38% | 2.60% | 2.72% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Chambersburg, Illinois
In Chambersburg, 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 local authorities 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 Chambersburg, 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 Chambersburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62323 has the highest and lowest median tax bill, both at $2,678.
Average Chambersburg Assessed Value
$120,570
Average Brown County Assessed Value
$92,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | $36,900 | $76,462 | $120,570 | $155,602 | $195,738 |
Source: Ownwell
Property Tax Bills Across Chambersburg, Illinois
In Chambersburg, IL, property tax bills are determined by 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 calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Chambersburg is $120,570, and homeowners can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $1,650, while at the 75th percentile, they can reach up to $3,803. For those in the 90th percentile, the tax bill can be as high as $5,243. These figures highlight a substantial range, reflecting how different properties and their values can impact homeowners. Compared to the national median property tax rate of 0.99%, Chambersburg's rates show a diverse spectrum, influenced by local assessments and property values.
Average Chambersburg Tax Bill
$2,678
Average Brown County Tax Bill
$2,224
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | $960 | $1,650 | $2,678 | $3,803 | $5,243 |
Source: Ownwell