Scottville, Illinois Property Taxes
The median property tax rate in Scottville, Illinois is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Scottville, the typical annual property tax bill reaches $123, which is significantly lower than the national median of $2,690. Property taxes in Scottville 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 Scottville'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 Scottville 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
Scottville, 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 Scottville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scottville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scottville 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 Macoupin County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Scottville, Illinois
Property taxes in Scottville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scottville stands at 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Scottville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scottville 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 Scottville's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62667 zip code has the highest median property tax rate of 2.02%, while the 62674 zip code has the lowest median tax rate of 2.02%. Understanding how these areas compare with Scottville 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 Scottville Tax Rate
2.02%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scottville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | 1.44% | 1.88% | 2.02% | 2.02% | 2.02% |
| 62674 | 2.02% | 2.02% | 2.02% | 2.02% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Scottville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Scottville, 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 Macoupin County Assessor 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 Scottville, 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 Scottville 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 62667, with a median tax bill of $152.00, which is also the lowest in the region.
Average Scottville Assessed Value
$6,102
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 Scottville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | $3,624 | $4,927 | $7,514 | $36,195 | $60,179 |
| 62674 | $4,485 | $4,485 | $4,485 | $4,485 | $4,485 |
Source: Ownwell
Property Tax Bills Across Scottville, Illinois
In Scottville, Macoupin County, IL, property tax bills are calculated based on the assessed value of your home. This assessed value is typically a percentage of the home's market value, determined by the local assessor's office. The tax rate is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Scottville, the median home price stands at $6,102. The property tax bills vary significantly, with the 25th percentile at $91 and the 75th percentile reaching $585. At the 90th percentile, homeowners might see a tax bill as high as $836. These figures illustrate how property taxes can impact homeowners differently based on the value of their property. The highest and lowest median tax bills in the area are both recorded at $152 in the zip code 62667. Compared to the national median property tax rate of 0.99%, homeowners in Scottville experience a relatively low property tax burden, which can be a financial relief for many.
Average Scottville Tax Bill
$123
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Scottville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62667 | $73 | $99 | $152 | $640 | $852 |
| 62674 | $91 | $91 | $91 | $91 | $91 |
Source: Ownwell