Salem, Illinois Property Taxes
The median property tax rate in Salem, IL is 2.07%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $50,700 in Salem, the typical annual property tax bill is $1,050, which is below the national median of $2,690. Property taxes in Salem are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Salem or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Salem, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.07%
Estimate Property Tax Bill
$1,049
$1,026
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem 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 Salem, Illinois
Property taxes in Salem, Illinois, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62881 zip code has the highest median property tax rate of 2.07%, while the same zip code also has the lowest median tax rate of 2.07%. Understanding how these areas compare with Salem provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
2.07%
Average Marion County Tax Rate
2.03%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62881 | 0.78% | 1.53% | 2.07% | 2.82% | 2.82% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Illinois
In Salem, 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 Marion County Assessment 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 Salem, 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1050.00, found in the zip code 62881.
Average Salem Assessed Value
$50,700
Average Marion County Assessed Value
$53,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62881 | $10,416 | $22,170 | $50,700 | $124,980 | $216,547 |
Source: Ownwell
Property Tax Bills Across Salem, Illinois
In Salem, property tax bills are calculated based on the assessed value of a homeowner's property, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. Salem's property tax rates are influenced by Marion County's needs for public services, schools, and infrastructure. Homeowners in Salem can expect varying tax bills. For instance, the 25th percentile tax bill is around $416, while the 75th percentile tax bill reaches $2,516, and the 90th percentile tax bill is $4,323. The median home price in Salem is $50,700, which is significantly lower than the national median, making the property tax rate relatively reasonable despite the variations. This system ensures that homeowners contribute fairly to the community's upkeep and improvements, balancing affordability with the need for public services.
Average Salem Tax Bill
$1,050
Average Marion County Tax Bill
$1,004
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62881 | $121 | $416 | $1,050 | $2,516 | $4,323 |
Source: Ownwell