Latham, Illinois Property Taxes
The median property tax rate in Latham, IL is 2.50%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Latham at $189,615, the typical annual property tax bill reaches $4,610, far exceeding the national median of $2,690. Property taxes in Latham are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Latham'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 Latham or another part of Logan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$4,740
$4,632
Ownwell’s Latham Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, Illinois
Property taxes in Latham, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Latham is 2.50%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62543 zip code has both the highest and lowest median property tax rate of 2.50%. Understanding how these cities compare with Latham provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latham Tax Rate
2.50%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62543 | 2.14% | 2.35% | 2.50% | 2.75% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Latham, Illinois
In Latham, 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 Logan County Assessor's Office 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 Latham, 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 Latham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Logan County is $4,610 in the 62543 zip code, while the lowest median tax bill is also $4,610 in the same zip code.
Average Latham Assessed Value
$189,615
Average Logan County Assessed Value
$165,735
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62543 | $72,801 | $96,068 | $189,615 | $240,195 | $353,202 |
Source: Ownwell
Property Tax Bills Across Latham, Illinois
In Latham, Logan County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is usually a percentage of the market value, and this figure is then multiplied by the tax rate set by local taxing authorities. For instance, with a median home price of $189,615, homeowners can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is around $2,203, while at the 75th percentile, it can reach up to $6,270, and at the 90th percentile, it can be as high as $9,537. These variations depend on factors such as property location, home improvements, and changes in local tax rates. Compared to the national median property tax rate of 0.99%, Latham's rates can be considered relatively high. This impacts homeowners by potentially increasing their annual housing costs, making it crucial for them to stay informed about their property’s assessed value and any available exemptions.
Average Latham Tax Bill
$4,610
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Latham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62543 | $1,478 | $2,203 | $4,610 | $6,270 | $9,537 |
Source: Ownwell