Pittsfield, Illinois Property Taxes
The median property tax rate in Pittsfield, Illinois is 1.79%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pittsfield at $86,595, the typical annual property tax bill reaches $1,430, which is below the national median of $2,690. Property taxes in Pittsfield 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 Pittsfield'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 Pittsfield 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
Pittsfield, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$1,550
-$16,245
Ownwell’s Pittsfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pittsfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pittsfield 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 Pittsfield, Illinois
Property taxes in Pittsfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pittsfield is 1.79%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pittsfield set these rates annually, and they can vary across different neighborhoods. Each year, Pittsfield 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 Pittsfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62363 has both the highest and lowest median property tax rate of 1.79%. Understanding how these cities compare with Pittsfield provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pittsfield Tax Rate
1.79%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pittsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62363 | 1.02% | 1.45% | 1.79% | 2.05% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Pittsfield, Illinois
In Pittsfield, 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 Pike 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 Pittsfield, 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. The median home price in Pittsfield is $86,595, and the median tax bill for the 25th percentile is $867, while for the 75th percentile, it reaches $2,423. Being aware of these valuation processes in Pittsfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pittsfield Assessed Value
$86,595
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pittsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62363 | $37,920 | $58,425 | $86,595 | $131,310 | $200,502 |
Source: Ownwell
Property Tax Bills Across Pittsfield, Illinois
In Pittsfield, located in Pike County, IL, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor. Several factors contribute to the final tax bill, including the property's size, location, and condition. For homeowners in Pittsfield, the median home price is $86,595. Property tax bills can vary significantly, with the 25th percentile at $867 and the 75th percentile reaching $2,423. At the higher end, the 90th percentile tax bill is $3,802. This variation indicates a range of property values and assessments within the city. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens. Homeowners in Pittsfield may find their property tax bills influenced not only by their property's assessed value but also by the specific tax rate applied in their locality, impacting their overall financial planning.
Average Pittsfield Tax Bill
$1,430
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pittsfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62363 | $499 | $867 | $1,430 | $2,423 | $3,802 |
Source: Ownwell