Whittington, Illinois Property Taxes
The median property tax rate in Whittington, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Whittington at $82,995, the typical annual property tax bill reaches $2,284, which is below the national median of $2,690. Property taxes in Whittington 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 Whittington'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 Whittington 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
Whittington, 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 Whittington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whittington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whittington 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 Whittington, Illinois
Property taxes in Whittington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whittington is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Whittington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whittington 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 Whittington's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62897 has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these areas compare with Whittington provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Whittington Tax Rate
2.68%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whittington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62897 | 0.61% | 2.11% | 2.68% | 2.96% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Whittington, Illinois
In Whittington, 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 Franklin 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 Whittington, 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 Whittington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62897 at $2,284, which is also the lowest, reflecting a consistent tax landscape within the area.
Average Whittington Assessed Value
$82,995
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Whittington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62897 | $23,364 | $50,542 | $82,995 | $138,262 | $164,334 |
Source: Ownwell
Property Tax Bills Across Whittington, Illinois
In Whittington, 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 typically a percentage of the property's market value. Homeowners in Franklin County can expect their property tax rate to be influenced by various factors, including local government budgets, school funding needs, and public services. The median home price in Whittington is $82,995, and tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,317, while the 75th percentile reaches $3,927, and the 90th percentile can be as high as $5,462. These figures indicate a broad range, reflecting differences in property values and specific tax rates applied. Compared to the national median property tax rate of 0.99%, homeowners in Whittington may find their tax obligations to be higher or lower, depending on the assessed value of their property and the specific tax levies in Franklin County. This variability underscores the importance of understanding local property tax dynamics to manage financial expectations effectively.
Average Whittington Tax Bill
$2,284
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Whittington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62897 | $333 | $1,317 | $2,284 | $3,927 | $5,462 |
Source: Ownwell