Shannon, Illinois Property Taxes
The median property tax rate in Shannon, IL is 2.20%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shannon at $182,439, the typical annual property tax bill reaches $3,994, exceeding the national median of $2,690. Property taxes in Shannon 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 Shannon'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 Shannon 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
Shannon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.2%
Estimate Property Tax Bill
$4,014
$3,922
Ownwell’s Shannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon 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 Shannon, Illinois
Property taxes in Shannon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon is 2.20%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon 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 Shannon's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61078 has the highest median property tax rate of 2.20%, while also having the lowest median tax rate of 2.20%. Understanding how these cities compare with Shannon provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shannon Tax Rate
2.20%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | 1.80% | 1.96% | 2.20% | 2.38% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Shannon, Illinois
In Shannon, 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 Ogle 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 Shannon, 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 Shannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with both the highest and lowest median tax bills is 61078, with a median tax bill of $3,994.
Average Shannon Assessed Value
$182,439
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $117,256 | $134,949 | $182,439 | $318,048 | $405,212 |
Source: Ownwell
Property Tax Bills Across Shannon, Illinois
In Shannon, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market trends influence the assessed value. For homeowners in Shannon, the median home price is $182,439, and property tax bills can vary significantly. For instance, tax bills at the 25th percentile are around $2,712, while those at the 75th percentile can reach up to $7,740. At the 90th percentile, homeowners could see tax bills as high as $9,668. This variation highlights the importance of understanding how local assessments and tax rates impact overall costs. Compared to the national median property tax rate of 0.99%, Shannon's rates can result in a substantial financial burden, making it crucial for homeowners to stay informed and consider appealing their assessments if necessary.
Average Shannon Tax Bill
$3,994
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $2,269 | $2,712 | $3,994 | $7,740 | $9,668 |
Source: Ownwell