Charleston, Illinois Property Taxes
The median property tax rate in Charleston, IL is 1.83%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Charleston at $81,424, the typical annual property tax bill reaches $1,282, which is below the national median of $2,690. Property taxes in Charleston 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 Charleston'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 Charleston 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
Charleston, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$1,490
$1,456
Ownwell’s Charleston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charleston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charleston 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 Charleston, Illinois
Property taxes in Charleston, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charleston is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Charleston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charleston 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 Charleston's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61920 zip code has the highest median property tax rate of 1.83%, while the same zip code also has the lowest median tax rate of 1.83%. Understanding how these cities compare with Charleston provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charleston Tax Rate
1.83%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charleston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61920 | 1.41% | 1.49% | 1.83% | 2.06% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Charleston, Illinois
In Charleston, 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 Cumberland 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 Charleston, 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 Charleston is $81,424, with tax bills ranging from $1,047 at the 25th percentile to $2,502 at the 90th percentile. 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 Charleston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Charleston Assessed Value
$81,424
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charleston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61920 | $53,318 | $62,386 | $81,424 | $97,000 | $132,670 |
Source: Ownwell
Property Tax Bills Across Charleston, Illinois
In Charleston, located in Cumberland County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. Various factors such as location, property size, and home improvements can influence this assessed value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. For example, the median home price in Charleston is $81,424. Homeowners in the 25th percentile can expect to pay around $1,047 annually, while those in the 75th percentile may see tax bills closer to $1,513. The highest median tax bill in the area is $1,282 in the 61920 zip code. These property taxes fund essential community services such as schools, infrastructure, and public safety, directly impacting the quality of life for homeowners. Comparing this to the national median property tax rate of 0.99%, Charleston's rates are relatively moderate, making it an appealing location for property investment.
Average Charleston Tax Bill
$1,282
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Charleston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61920 | $965 | $1,047 | $1,282 | $1,513 | $2,502 |
Source: Ownwell