Speer, Illinois Property Taxes
The median property tax rate in Speer, IL is 2.28%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Speer being $285,609, the typical annual property tax bill reaches $6,233, significantly exceeding the national median of $2,690. Property taxes in Speer 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 Speer'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 Speer 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
Speer, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Speer Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Speer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Speer 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 Speer, Illinois
Property taxes in Speer, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Speer is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Speer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Speer 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 Speer's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61479 zip code has the highest median property tax rate of 2.28%, while the 61479 zip code also has the lowest median tax rate of 2.28%. Understanding how these areas compare with Speer provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Speer Tax Rate
2.28%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | 2.16% | 2.23% | 2.28% | 2.29% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Speer, Illinois
In Speer, 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 Stark 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. 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 Speer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,233 in zip code 61479, while the lowest median tax bill is also $6,233 in the same zip code.
Average Speer Assessed Value
$285,609
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | $97,317 | $179,265 | $285,609 | $320,391 | $371,028 |
Source: Ownwell
Property Tax Bills Across Speer, Illinois
In Speer, located in Stark County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. For instance, if the median home price is $285,609, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to determine the tax bill. In Speer, property tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $4,069, while those in the 75th percentile might see bills as high as $7,319. At the 90th percentile, tax bills can reach up to $8,037. These tax bills impact homeowners by influencing their overall housing costs, which can affect affordability and budgeting. Comparatively, the national median property tax rate is 0.99%, illustrating how local rates and assessed values can lead to higher or lower tax obligations.
Average Speer Tax Bill
$6,233
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Speer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61479 | $1,374 | $4,069 | $6,233 | $7,319 | $8,037 |
Source: Ownwell