Putnam County Property Taxes
The median property tax rate in Putnam County is 2.42%, which is significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Putnam County at $129,800, the typical annual property tax bill reaches $3,342, exceeding the national median of $2,690. Property taxes in Putnam County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Putnam County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Putnam or another part of Putnam County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Putnam County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$3,141
$3,069
Ownwell’s Putnam County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Putnam County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Putnam County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Putnam County, Illinois
Property taxes in Putnam County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Putnam County is 2.42%, significantly higher than the U.S. national median of 0.99%. Local government entities within Putnam County set these rates annually, and they can vary significantly between different areas within the county. Each year, Putnam County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Putnam has one of the higher property tax rates in Illinois at 2.61%, while the city of Tonica boasts one of the lowest at 2.13%. Analyzing how Putnam County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Granville | 2.01% | 2.28% | 2.45% | 2.65% | 2.75% |
| Hennepin | 1.79% | 2.12% | 2.25% | 2.41% | 2.60% |
| Lostant | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
| Magnolia | 1.74% | 2.21% | 2.53% | 2.61% | 2.69% |
| Mark | 2.38% | 2.38% | 2.38% | 2.38% | 2.71% |
| Mcnabb | 2.37% | 2.37% | 2.37% | 2.37% | 2.37% |
| Mc Nabb | 1.99% | 2.24% | 2.42% | 2.63% | 2.66% |
| Peru | 2.24% | 2.25% | 2.27% | 2.29% | 2.30% |
| Putnam | 2.22% | 2.49% | 2.61% | 2.92% | 3.05% |
| Standard | 2.57% | 2.57% | 2.57% | 2.57% | 2.57% |
| Tonica | 2.13% | 2.13% | 2.13% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Putnam County, Illinois
In Putnam County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Putnam County Appraisal District. The assessed value, however, 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. Assessment notices in Putnam County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For example, the highest median tax bill in Putnam County is in Lostant at $5,055, while the lowest is in McNabb at $1,725. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Putnam County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam County, Illinois
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Granville | $45,361 | $78,812 | $149,868 | $234,350 | $355,589 |
| Hennepin | $25,581 | $81,809 | $125,858 | $186,770 | $246,319 |
| Lostant | $222,063 | $222,063 | $222,063 | $222,063 | $222,063 |
| Magnolia | $19,390 | $76,075 | $124,462 | $199,254 | $292,193 |
| Mark | $28,627 | $46,801 | $63,051 | $108,007 | $117,046 |
| Mcnabb | $72,813 | $72,813 | $72,813 | $72,813 | $72,813 |
| Mc Nabb | $56,932 | $110,554 | $163,008 | $257,848 | $290,290 |
| Peru | $169,833 | $174,644 | $182,662 | $190,681 | $195,492 |
| Putnam | $9,054 | $24,598 | $117,537 | $173,901 | $248,031 |
| Standard | $12,222 | $30,555 | $46,548 | $57,002 | $65,366 |
| Tonica | $95,805 | $95,805 | $95,805 | $95,805 | $95,805 |
Source: Ownwell
Property Tax Bills Across Putnam County, Illinois
In Putnam County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in this region experience property tax rates that can vary significantly. The median home price in Putnam County is $129,800, and property tax bills reflect this value. For instance, the tax bill at the 25th percentile is $1,924, while at the 75th percentile, it rises to $5,387. At the 90th percentile, homeowners may see tax bills as high as $7,737. Several factors influence these tax bills, including property location, assessed value, and local tax rates. The highest median tax bill in Putnam County is found in Lostant at $5,055, whereas McNabb has the lowest median tax bill at $1,725. These variations can significantly impact homeowners, affecting their financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Putnam County's rates highlight the importance of understanding local tax dynamics.
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam County, Illinois
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Granville | $1,311 | $2,208 | $3,931 | $6,194 | $9,438 |
| Hennepin | $994 | $1,891 | $2,853 | $4,399 | $6,117 |
| Lostant | $5,055 | $5,055 | $5,055 | $5,055 | $5,055 |
| Magnolia | $1,295 | $2,110 | $3,204 | $5,944 | $7,349 |
| Mark | $468 | $1,143 | $1,976 | $2,607 | $2,761 |
| Mcnabb | $1,725 | $1,725 | $1,725 | $1,725 | $1,725 |
| Mc Nabb | $1,286 | $2,372 | $3,933 | $5,669 | $7,012 |
| Peru | $3,909 | $3,996 | $4,141 | $4,286 | $4,373 |
| Putnam | $436 | $1,794 | $3,075 | $5,018 | $6,934 |
| Standard | $1,880 | $1,963 | $2,101 | $2,239 | $2,322 |
| Tonica | $2,041 | $2,041 | $2,041 | $2,041 | $2,041 |
Source: Ownwell