Shumway, Illinois Property Taxes
The median property tax rate in Shumway, IL is 1.46%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Shumway, the typical annual property tax bill reaches $2,101, still below the national median of $2,690. Property taxes in Shumway 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 Shumway'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 Shumway 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
Shumway, 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 Shumway Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Shumway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shumway to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Shumway, Illinois
Property taxes in Shumway, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Shumway is 1.46%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shumway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shumway 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 Shumway's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62461 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these areas compare with Shumway provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shumway Tax Rate
1.46%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | 0.34% | 0.99% | 1.46% | 1.71% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Shumway, Illinois
In Shumway, 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 Effingham 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 Shumway, 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. For instance, in Shumway, the highest median tax bill is $2,101 in the 62461 zip code, while the lowest is also $2,101 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shumway Assessed Value
$169,230
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | $70,230 | $112,395 | $169,230 | $235,590 | $326,010 |
Source: Ownwell
Property Tax Bills Across Shumway, Illinois
In Shumway, Effingham County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Local tax rates, set by various taxing authorities like schools and municipalities, are then applied to this assessed value to calculate the tax bill. For instance, with a median home price of $169,230, homeowners in Shumway can expect varying tax bills depending on their property's assessed value and specific tax rates. Factors influencing the tax bill include the home's location within different taxing districts and any applicable exemptions. The 25th percentile of tax bills in Shumway is $1,217, while the 75th percentile reaches $3,472, and the 90th percentile climbs to $4,954. Comparatively, the highest and lowest median tax bills in the area are both $2,101 in the 62461 zip code. These property tax rates can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Shumway Tax Bill
$2,101
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | $256 | $1,217 | $2,101 | $3,472 | $4,954 |
Source: Ownwell