Colchester, Illinois Property Taxes
The median property tax rate in Colchester, IL is 3.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Colchester at $21,498, the typical annual property tax bill reaches $744, which is significantly lower than the national median of $2,690. Property taxes in Colchester 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 Colchester'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 Colchester 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
Colchester, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.46%
Estimate Property Tax Bill
$744
$727
Ownwell’s Colchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colchester 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 Colchester, Illinois
Property taxes in Colchester, IL, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colchester is 3.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Colchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colchester 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 Colchester's effective property tax rate to other areas in McDonough County and the national median. For comparison, the zip code 62326 has the highest median property tax rate of 3.46%, while the same zip code also has the lowest median tax rate of 3.46%. Understanding how these areas compare with Colchester provides valuable insights into the varying tax landscape across McDonough County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colchester Tax Rate
3.46%
Average Mcdonough County Tax Rate
3.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | 2.88% | 2.97% | 3.46% | 3.46% | 3.46% |
Source: Ownwell
Property Tax Assessment Values Across Colchester, Illinois
In Colchester, 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 McDonough 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 Colchester, 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 Colchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Colchester is in the 62326 zip code, amounting to $744.00.
Average Colchester Assessed Value
$21,498
Average Mcdonough County Assessed Value
$39,024
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | $7,759 | $15,300 | $21,498 | $46,090 | $102,655 |
Source: Ownwell
Property Tax Bills Across Colchester, Illinois
In Colchester, McDonough County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. For instance, if the median home price is $21,498, the assessed value would be a fraction of this amount. The tax rate, applied to the assessed value, determines the total tax bill. Factors influencing the tax bill include the property's location, size, and condition, as well as local government budgets and school district funding needs. In Colchester, property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $513, while at the 90th percentile, it reaches $3,556. The highest median tax bill in the area is $744. Homeowners in Colchester should be aware that their property tax bills can have a substantial impact on their annual expenses, potentially influencing decisions about homeownership and budgeting.
Average Colchester Tax Bill
$744
Average Mcdonough County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Colchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62326 | $250 | $513 | $744 | $1,432 | $3,556 |
Source: Ownwell