Forsyth, Illinois Property Taxes
The median property tax rate in Forsyth, IL is 2.42%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $243,526 in Forsyth, the typical annual property tax bill reaches $5,815, far exceeding the national median of $2,690. Property taxes in Forsyth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Forsyth'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 Forsyth 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
Forsyth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$5,893
$5,759
Ownwell’s Forsyth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forsyth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forsyth 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 Forsyth, Illinois
Property taxes in Forsyth, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forsyth is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Forsyth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forsyth 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 Forsyth's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62535 zip code has both the highest and lowest median property tax rate of 2.42%. Understanding how these cities compare with Forsyth provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forsyth Tax Rate
2.42%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forsyth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62535 | 2.03% | 2.27% | 2.42% | 2.51% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Forsyth, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Forsyth, Illinois. 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 Macon 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 Forsyth, 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 Forsyth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Forsyth is $5,815 in zip code 62535, while the lowest is also $5,815 in the same zip code.
Average Forsyth Assessed Value
$243,526
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forsyth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62535 | $108,054 | $157,281 | $243,526 | $311,666 | $382,200 |
Source: Ownwell
Property Tax Bills Across Forsyth, Illinois
In Forsyth, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value typically represents a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For example, the median home price in Forsyth is $243,526. Homeowners in Forsyth can expect to pay property taxes that vary significantly, with tax bills ranging from the 25th percentile at $3,530 to the 90th percentile at $9,607. Several factors influence the final tax bill, including property location, local government budgets, and specific levies for schools or infrastructure. Compared to the national median property tax rate of 0.99%, Forsyth's tax rates can result in higher annual payments for homeowners. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances effectively.
Average Forsyth Tax Bill
$5,815
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Forsyth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62535 | $2,162 | $3,530 | $5,815 | $7,724 | $9,607 |
Source: Ownwell