Teutopolis, Illinois Property Taxes
The median property tax rate in Teutopolis, IL is 7.10%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Teutopolis at $48,708, the typical annual property tax bill reaches $3,307, far exceeding the national median of $2,690. Property taxes in Teutopolis 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 Teutopolis'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 Teutopolis 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
Teutopolis, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
7.1%
Estimate Property Tax Bill
$3,458
$3,379
Ownwell’s Teutopolis Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Teutopolis using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Teutopolis to provide an accurate estimate of your property tax bill. This valuable tool helps you gauge potential tax liabilities with ease. For those interested in more granular insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Teutopolis, Illinois
Property taxes in Teutopolis, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Teutopolis is 7.10%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Teutopolis set these rates annually, and they can vary across different neighborhoods. Each year, Teutopolis 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 Teutopolis's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62467 has both the highest and lowest median property tax rate of 7.10%. Understanding how these areas compare with Teutopolis provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Teutopolis Tax Rate
7.10%
Average Jasper County Tax Rate
6.74%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | 5.07% | 6.46% | 7.10% | 8.02% | 8.37% |
Source: Ownwell
Property Tax Assessment Values Across Teutopolis, Illinois
In Teutopolis, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Jasper 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 Teutopolis, 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 Teutopolis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,307, found in the 62467 zip code.
Average Teutopolis Assessed Value
$48,708
Average Jasper County Assessed Value
$34,930
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | $26,654 | $33,451 | $48,708 | $70,549 | $121,773 |
Source: Ownwell
Property Tax Bills Across Teutopolis, Illinois
In Teutopolis, located in Jasper County, IL, property tax bills are calculated based on 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 to determine the annual tax bill. For example, with a median home price of $48,708, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $2,178, while those at the 75th percentile could see bills as high as $4,303. At the 90th percentile, tax bills can reach up to $7,283. These figures are influenced by various factors, including local government budgets, school funding requirements, and public service needs. Compared to the national median property tax rate of 0.99%, Teutopolis residents may experience higher or lower tax burdens depending on their home's assessed value and specific local tax rates. This variability in property tax bills can significantly impact homeowners' financial planning and long-term investment in their properties.
Average Teutopolis Tax Bill
$3,307
Average Jasper County Tax Bill
$2,022
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | $1,690 | $2,178 | $3,307 | $4,303 | $7,283 |
Source: Ownwell