Allerton, Illinois Property Taxes
The median property tax rate in Allerton, IL is 2.15%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Allerton, the typical annual property tax bill reaches $4,899, exceeding the national median of $2,690. Property taxes in Allerton 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 Allerton'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 Allerton 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
Allerton, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Allerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allerton 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 Allerton, Illinois
Property taxes in Allerton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allerton is 1.84%, higher than both the Illinois state median of 1.73% and the U.S. national median of 0.99%. Local government entities within Allerton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allerton 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 Allerton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61810 zip code has the highest median property tax rate of 1.84%, while the same zip code also has the lowest median tax rate of 1.84%. Understanding how these cities compare with Allerton provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allerton Tax Rate
2.15%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | 1.92% | 2.08% | 2.15% | 2.36% | 2.47% |
Source: Ownwell
Property Tax Assessment Values Across Allerton, Illinois
In Allerton, 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 Champaign 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 Allerton, 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 Allerton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61810 has the highest median tax bill at $4,899, offering a clear picture of the local property tax landscape.
Average Allerton Assessed Value
$229,020
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | $58,884 | $101,865 | $229,020 | $260,790 | $389,100 |
Source: Ownwell
Property Tax Bills Across Allerton, Illinois
In Allerton, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the property. Various factors influence the tax bill, including the home's location, size, and condition, as well as the local tax rate set by the county authorities. For instance, in Champaign County, where Allerton is located, homeowners can expect a median property tax bill of approximately $4,899. The tax bill varies significantly within the area, with the 25th percentile at around $1,964 and the 75th percentile reaching up to $5,868. At the higher end, the 90th percentile tax bill can be as much as $9,671. These figures highlight the range of property tax burdens homeowners might face, influenced by the assessed value and local tax rates. Compared to the national median property tax rate of 0.99%, Allerton's property tax rates can significantly impact homeowners, potentially increasing their annual financial obligations.
Average Allerton Tax Bill
$4,899
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | $1,136 | $1,964 | $4,899 | $5,868 | $9,671 |
Source: Ownwell