Atwater, Illinois Property Taxes
The median property tax rate in Atwater, IL is 1.68%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Atwater, the typical annual property tax bill reaches $773, significantly below the national median of $2,690. Property taxes in Atwater 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 Atwater'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 Atwater 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
Atwater, 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 Atwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atwater 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 Atwater, Illinois
Property taxes in Atwater, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atwater is 1.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Atwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atwater 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 Atwater's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62572 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Atwater provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atwater Tax Rate
1.68%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atwater, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | 0.79% | 1.32% | 1.68% | 2.04% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Atwater, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Atwater, Illinois. 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 Macoupin 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 Atwater, 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. With a median home price of $64,131, property tax bills can vary significantly. The 25th percentile tax bill is $375, while the 75th percentile reaches $1,724, and the 90th percentile can be as high as $3,347. The zip code 62572 has the highest and lowest median tax bill, both at $773. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Atwater Assessed Value
$64,131
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atwater, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | $15,930 | $31,078 | $64,131 | $109,984 | $173,889 |
Source: Ownwell
Property Tax Bills Across Atwater, Illinois
In Atwater, located in Macoupin County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. Homeowners in Atwater experience a range of property tax bills, with the 25th percentile at $375 and the 75th percentile reaching $1,724. The highest median tax bill in the area is $773, found in the 62572 zip code. The calculation of the property tax bill involves multiplying the assessed value of the property by the local tax rate. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions. These elements can significantly impact homeowners, affecting their annual financial obligations. With the national median property tax rate at 0.99%, understanding local rates and assessments is crucial for homeowners to budget effectively and anticipate their tax liabilities.
Average Atwater Tax Bill
$773
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Atwater, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62572 | $171 | $375 | $773 | $1,724 | $3,347 |
Source: Ownwell