Shumway, Illinois Property Taxes
The median property tax rate in Shumway, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shumway at $124,788, the typical annual property tax bill reaches $2,753, exceeding the national median of $2,690. Property taxes in Shumway are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shumway'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 Shumway 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
Shumway, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$2,658
$2,597
Ownwell’s Shumway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shumway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shumway 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 Shumway, Illinois
Property taxes in Shumway, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shumway is 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shumway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shumway 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 Shumway's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62461 zip code has the highest median property tax rate of 2.13%, while the same zip code also has the lowest median tax rate of 2.13%. Understanding how these cities compare with Shumway 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 Shumway Tax Rate
2.13%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | 1.43% | 2.00% | 2.13% | 2.43% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Shumway, Illinois
In Shumway, 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 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 Shumway, 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 Shumway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Shumway are both $2753, with the zip code 62461 having the highest and lowest tax bills.
Average Shumway Assessed Value
$124,788
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 Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | $28,830 | $74,056 | $124,788 | $173,330 | $232,014 |
Source: Ownwell
Property Tax Bills Across Shumway, Illinois
In Shumway, located in Shelby County, IL, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Shumway, the median home price is $124,788. Property tax bills in this area can vary significantly, with the 25th percentile tax bill at $1,704 and the 75th percentile reaching $3,982. At the higher end, the 90th percentile tax bill is $5,500. Comparatively, the median tax bill in Shumway is $2,753, which is notably higher than the national median property tax rate of 0.99%. This means homeowners in Shumway may face higher property taxes relative to other parts of the country. These tax bills play a crucial role in funding local services such as schools, infrastructure, and public safety, directly impacting the quality of life for residents.
Average Shumway Tax Bill
$2,753
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shumway, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62461 | $659 | $1,704 | $2,753 | $3,982 | $5,500 |
Source: Ownwell