Assumption, Illinois Property Taxes
The median property tax rate in Assumption, IL is 2.51%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value in Assumption of $109,527, the typical annual property tax bill reaches $2,347, which is close to the national median of $2,690. Property taxes in Assumption are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Assumption'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 Assumption or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Assumption, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$2,749
$2,686
Ownwell’s ASSUMPTION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ASSUMPTION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ASSUMPTION 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 Assumption, Illinois
Property taxes in Assumption, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Assumption is 2.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Assumption set these rates annually, and they can vary significantly across different neighborhoods. Each year, Assumption 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 Assumption's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62510 zip code has the highest median property tax rate of 2.51%, while the 62510 zip code also has the lowest median tax rate of 2.51%. Understanding how these cities compare with Assumption provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Assumption Tax Rate
2.51%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Assumption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | 1.75% | 2.03% | 2.51% | 2.95% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Assumption, Illinois
In ASSUMPTION, 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 Shelby 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 ASSUMPTION, 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. For instance, the tax bill at the 25th percentile is $1,279, while at the 75th percentile, it's $4,531. 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 ASSUMPTION helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Assumption Assessed Value
$109,527
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Assumption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | $24,274 | $57,699 | $109,527 | $159,974 | $205,812 |
Source: Ownwell
Property Tax Bills Across Assumption, Illinois
In Assumption, located in Shelby County, IL, property tax bills are calculated based on the assessed value of a home, typically a percentage of its market value. The median home price in Assumption is $109,527. Homeowners can expect their property tax bills to vary significantly depending on several factors, including the assessed value and local tax rates. Tax bills in this area range from the 25th percentile at $1,279 to the 75th percentile at $4,531, with the 90th percentile reaching up to $5,583. These variations are influenced by the specific township or district within Shelby County, as well as any exemptions or abatements that may apply. For instance, the highest median tax bill in a zip code within Shelby County is $2,347. Compared to the national median property tax rate of 0.99%, Assumption's property tax rates can have a significant impact on homeowners' annual expenses, potentially making homeownership more costly or affordable depending on the specific circumstances and assessed values.
Average Assumption Tax Bill
$2,347
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Assumption, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | $727 | $1,279 | $2,347 | $4,531 | $5,583 |
Source: Ownwell