Bath, Illinois Property Taxes
The median property tax rate in Bath, IL, is 2.75%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bath, the typical annual property tax bill reaches $1,421, exceeding the national median of $2,690. Property taxes in Bath 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 Bath'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 Bath 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
Bath, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$1,550
$1,515
Ownwell’s Bath Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bath with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bath 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 Bath, Illinois
Property taxes in Bath, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bath is 2.75%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bath set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bath 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 Bath's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62617 zip code has the highest median property tax rate of 2.75%, while the 62617 zip code also has the lowest median tax rate of 2.75%. Understanding how these cities compare with Bath provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bath Tax Rate
2.75%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bath, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62617 | 1.73% | 2.43% | 2.75% | 3.05% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Bath, Illinois
In Bath, 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 local authorities in Mason County 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 Bath, 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 Bath helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $1,421, found in zip code 62617.
Average Bath Assessed Value
$56,373
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bath, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62617 | $6,804 | $26,072 | $56,373 | $104,440 | $170,349 |
Source: Ownwell
Property Tax Bills Across Bath, Illinois
In Bath, located in Mason County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Bath is $56,373. Tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include local government budgets, school funding, and public services. For example, the 25th percentile tax bill in Bath is $675, while the 75th percentile tax bill is $2,802. Homeowners at the 90th percentile may see tax bills as high as $4,784. These figures indicate a wide range of tax liabilities depending on property values and specific local levies. The highest and lowest median tax bills both stand at $1,421 in the 62617 zip code, showing some consistency within the area. Comparatively, the national median property tax rate is 0.99%, and Bath's tax rates reflect the local economic and governmental needs, impacting homeowners by varying their annual financial obligations based on property values and local tax rates.
Average Bath Tax Bill
$1,421
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bath, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62617 | $237 | $675 | $1,421 | $2,802 | $4,784 |
Source: Ownwell