Mt Sterling, Illinois Property Taxes
The median property tax rate in MT STERLING, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MT STERLING, the typical annual property tax bill reaches $1,444, exceeding the national median of $2,690. Property taxes in MT STERLING 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 MT STERLING'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 MT STERLING 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
Mt Sterling, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$1,504
$1,396
Ownwell’s MT STERLING Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MT STERLING with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in MT STERLING to estimate your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Mt Sterling, Illinois
Property taxes in MT STERLING, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MT STERLING is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within MT STERLING set these rates annually, and they can vary significantly across different neighborhoods. Each year, MT STERLING 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 MT STERLING's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62353 zip code has the highest median property tax rate of 2.58%, while the 62353 zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with MT STERLING provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mt Sterling Tax Rate
2.58%
Average Brown County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mt Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | 2.37% | 2.49% | 2.58% | 2.71% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Mt Sterling, Illinois
In MT Sterling, 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 Brown 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 MT Sterling, 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 MT Sterling 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 $1444.00 in zip code 62353, while the lowest is also $1444.00 in the same zip code.
Average Mt Sterling Assessed Value
$58,290
Average Brown County Assessed Value
$92,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mt Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $9,933 | $29,625 | $58,290 | $111,330 | $191,865 |
Source: Ownwell
Property Tax Bills Across Mt Sterling, Illinois
In Mt. Sterling, located in Brown County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors and typically represents a percentage of the property's market value. Various factors, such as property size, location, and improvements, influence this assessed value. Homeowners in Mt. Sterling pay property taxes that contribute to local services like schools, infrastructure, and public safety. For instance, the median home price in Mt. Sterling is $58,290. Property tax bills in this region range significantly, from the 25th percentile at $975 to the 90th percentile at $5,028. The highest median tax bill recorded is $1,444 in the 62353 zip code, which is also the lowest median tax bill, indicating a uniform rate across the area. Comparatively, with the national median property tax rate at 0.99%, Mt. Sterling's tax rates can significantly impact homeowners, affecting their annual budgeting and long-term financial planning.
Average Mt Sterling Tax Bill
$1,444
Average Brown County Tax Bill
$2,224
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mt Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $629 | $975 | $1,444 | $2,681 | $5,028 |
Source: Ownwell