Putnam, Illinois Property Taxes
The median property tax rate in Putnam, IL is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Putnam being $169,812, the typical annual property tax bill reaches $3,967, exceeding the national median of $2,690. Property taxes in Putnam 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 Putnam'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 Putnam 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
Putnam, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$3,855
$3,577
Ownwell’s Putnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam 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 Putnam, Illinois
Property taxes in Putnam, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam is 1.71%, higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Putnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam 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 Putnam's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61560 zip code has the highest median property tax rate of 2.27%, while the same zip code also has the lowest median tax rate of 2.27%. Understanding how these cities compare with Putnam provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Putnam Tax Rate
2.27%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | 1.91% | 2.16% | 2.27% | 2.55% | 2.55% |
Source: Ownwell
Property Tax Assessment Values Across Putnam, Illinois
In Putnam, 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 Bureau 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 Putnam, 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 Putnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3967, located in zip code 61560.
Average Putnam Assessed Value
$169,812
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | $121,483 | $127,509 | $169,812 | $196,944 | $227,158 |
Source: Ownwell
Property Tax Bills Across Putnam, Illinois
Property tax bills in Putnam, located in Bureau County, IL, are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which in Putnam, with a median home price of $169,812, plays a significant role in the calculation. Local tax authorities then apply the tax rate to this assessed value to determine the annual tax bill. For homeowners in Putnam, property tax bills can vary widely. The 25th percentile tax bill is $2,952, while those in the 75th percentile face bills around $4,338. The highest tax bills, at the 90th percentile, can reach up to $4,889. This variability underscores the importance of the assessed value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Putnam's rates may seem high, but they reflect the local funding needs for public services and infrastructure, directly impacting homeowners' annual financial obligations.
Average Putnam Tax Bill
$3,967
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | $2,560 | $2,952 | $3,967 | $4,338 | $4,889 |
Source: Ownwell