Putnam, Bureau County, Illinois Property Taxes
Median Putnam, IL effective property tax rate: 2.27%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Putnam, IL home value: $169,812
Median annual Putnam, IL tax bill: $3,967, $1,567 higher than the national median property tax bill of $2,400.
How are property taxes in Bureau calculated?
Property taxes in Putnam, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Putnam’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Putnam, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Putnam, Bureau County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.27%
Estimate Property Tax Bill
$3,855
$3,577
Property Tax Rates Across Putnam, Bureau County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Putnam’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
In Putnam, located in Bureau County, property owners face a notable property tax rate of 2.27%, which is considerably higher than the national median of 1.02%. This places a significant tax burden on property owners in the area. When comparing this to the national median property tax bill of $2,400, it is clear that Putnam's rate is relatively high. This can make a substantial difference in annual tax bills, affecting homeowners' financial planning. Understanding these differences is crucial for property owners looking to manage their expenses effectively.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Putnam Taxx Rate
2.27%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Bureau County Taxx Rate
2.33%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Putnam, Bureau County, 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, Bureau County, Illinois
When examining property taxes in Putnam, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bureau County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Bureau County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Putnam.
For example, the median home price in Putnam is $169,812, with tax bills ranging significantly across the county. The zip code 61560 has the highest median home price at $169,812.
Property Tax Assessment Values Across Putnam, Bureau County, Illinois
Source: Ownwell
$45,459
$138,476
$231,492
Median Putnam Market Value
$169,812
Median Bureau County Market Value
$89,799
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Putnam, Bureau County, 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, Bureau County, Illinois
In Putnam, located in Bureau County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value. For homeowners in Putnam, the property tax bill can vary significantly, with the 25th percentile at $2,952 and the 75th percentile reaching $4,338. These figures are notably higher than the national median property tax bill of $2,400. The highest median tax bill in the area is recorded at $3,967. Such high property tax bills can be a financial burden for homeowners, impacting their overall cost of living.
Ownwell offers a valuable service to homeowners in Putnam by providing property tax appeal and exemption services. By analyzing property assessments and identifying inaccuracies or overvaluations, Ownwell can help homeowners reduce their tax liabilities. This not only eases the financial strain but also ensures that homeowners are not overpaying. With Ownwell's expertise, homeowners can achieve significant savings on their property tax bills.
Median Putnam Tax Bill
$3,967
Median Bureau County Tax Bill
$2,024
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Putnam, Bureau County, 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