Thomson, Illinois Property Taxes
The median property tax rate in Thomson, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thomson, the typical annual property tax bill reaches $2,217, slightly below the national median of $2,690. Property taxes in Thomson 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 Thomson'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 Thomson 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
Thomson, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$2,305
$2,139
Ownwell’s Thomson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomson 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 Thomson, Illinois
Property taxes in Thomson, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Thomson is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thomson set these rates annually, and they can vary across different neighborhoods. Each year, Thomson 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 Thomson's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61285 in Carroll County has the highest median property tax rate of 2.55%, while the lowest median tax rate in the same zip code is also 2.55%. Understanding how these figures compare with Thomson 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 Thomson Tax Rate
2.55%
Average Carroll County Tax Rate
2.34%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61285 | 1.63% | 2.15% | 2.55% | 2.92% | 3.14% |
Source: Ownwell
Property Tax Assessment Values Across Thomson, Illinois
In Thomson, 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 Carroll County Assessor 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 Thomson, 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 Thomson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61285 in Thomson has both the highest and lowest median tax bills, each at $2,217. With a median home price of $90,400, the 25th percentile tax bill is $1,193, the 75th percentile is $3,601, and the 90th percentile is $5,353.
Average Thomson Assessed Value
$90,400
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 Thomson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61285 | $30,248 | $54,240 | $90,400 | $136,812 | $183,867 |
Source: Ownwell
Property Tax Bills Across Thomson, Illinois
In Thomson, located in Carroll County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $90,400, homeowners in Thomson can expect varying tax bills depending on their property's assessed value and the specific tax rates applied. Several factors influence these tax bills, including the property's location, any applicable exemptions, and the local government's budget needs. Homeowners in Thomson typically see tax bills ranging from $1,193 at the 25th percentile to $3,601 at the 75th percentile, with the 90th percentile reaching up to $5,353. This is significantly higher than the national median property tax rate of 0.99%, indicating a relatively higher tax burden for homeowners in this area. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and the overall affordability of owning property in Thomson.
Average Thomson Tax Bill
$2,217
Average Carroll County Tax Bill
$2,178
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61285 | $635 | $1,193 | $2,217 | $3,601 | $5,353 |
Source: Ownwell