Shannon, Illinois Property Taxes
The median property tax rate in Shannon, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shannon at $94,401, the typical annual property tax bill reaches $1,900, which is below the national median of $2,690. Property taxes in Shannon 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 Shannon'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 Shannon 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
Shannon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$1,907
$1,770
Ownwell’s Shannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon 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 Shannon, Illinois
Property taxes in Shannon, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon 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 Shannon's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61078 has the highest median property tax rate of 2.02%, while the same zip code also has the lowest median tax rate of 2.02%. Understanding how these cities compare with Shannon provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shannon Tax Rate
2.02%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | 1.30% | 1.68% | 2.02% | 2.34% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Shannon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shannon, Illinois. 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 Carroll County Assessment Office 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 Shannon, 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 Shannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61078, with a median bill of $1,900, while the lowest median tax bill is also in zip code 61078, at $1,900.
Average Shannon Assessed Value
$94,401
Average Carroll County Assessed Value
$86,910
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $42,767 | $63,231 | $94,401 | $139,517 | $190,349 |
Source: Ownwell
Property Tax Bills Across Shannon, Illinois
In Shannon, located in Carroll County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The county assessor determines this assessed value, and it is then multiplied by the local tax rate to calculate the tax bill. The median home price in Shannon is $94,401, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $1,104, while the 75th percentile reaches $3,033, and the 90th percentile can be as high as $4,969. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Shannon's rates can lead to a wide range of tax bills, impacting homeowners differently based on their property's value. This variability means that homeowners in Shannon need to be particularly attentive to their property's assessed value and any potential exemptions to manage their tax liabilities effectively.
Average Shannon Tax Bill
$1,900
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $645 | $1,104 | $1,900 | $3,033 | $4,969 |
Source: Ownwell