Philo, Illinois Property Taxes
The median property tax rate in Philo, IL is 1.87%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Philo, the typical annual property tax bill reaches $3,239, exceeding the national median of $2,690. Property taxes in Philo 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 Philo'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 Philo or another part of Champaign County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Philo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.87%
Estimate Property Tax Bill
$3,302
$3,227
Ownwell’s Philo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philo 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 Philo, Illinois
Property taxes in Philo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philo is 1.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Philo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philo 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 Philo's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61864 has the highest median property tax rate of 1.87%, while the same zip code also has the lowest median tax rate of 1.87%. Understanding how these cities compare with Philo provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philo Tax Rate
1.87%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | 1.57% | 1.74% | 1.87% | 1.95% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Philo, Illinois
In Philo, 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 Champaign 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 Philo, 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 Philo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Philo is $3,239 in the 61864 zip code, while the lowest median tax bill is also $3,239 in the same zip code.
Average Philo Assessed Value
$176,580
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | $95,460 | $136,110 | $176,580 | $232,500 | $296,352 |
Source: Ownwell
Property Tax Bills Across Philo, Illinois
In Philo, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate set by Champaign County. For instance, with a median home price of $176,580, homeowners in Philo can expect a variety of tax bills based on their property's assessed value. The 25th percentile tax bill is around $2,309, while the 75th percentile reaches $4,363, and the 90th percentile can be as high as $5,703. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Philo, where the highest median tax bill is $3,239, may find their property tax rates higher than the national median property tax rate of 0.99%. Understanding how these factors interplay helps homeowners anticipate their tax obligations and plan their finances accordingly, ensuring they can support the community services that benefit everyone.
Average Philo Tax Bill
$3,239
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Philo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | $1,575 | $2,309 | $3,239 | $4,363 | $5,703 |
Source: Ownwell