Champaign, Illinois Property Taxes
The median property tax rate in Champaign, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Champaign, the typical annual property tax bill reaches $4,071, exceeding the national median of $2,690. Property taxes in Champaign 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 Champaign'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 Champaign 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
Champaign, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$4,161
$3,861
Ownwell’s Champaign Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Champaign with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Champaign 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 Champaign, Illinois
Property taxes in Champaign, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Champaign is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Champaign set these rates annually, and they can vary significantly across different neighborhoods. Each year, Champaign 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 Champaign's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61822 zip code has the highest median property tax rate of 2.72%, while the 61821 zip code has the lowest median tax rate of 2.65%. Understanding how these areas compare with Champaign provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Champaign Tax Rate
2.68%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Champaign, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61820 | 1.90% | 2.32% | 2.68% | 3.07% | 3.07% |
| 61821 | 2.08% | 2.43% | 2.65% | 2.83% | 3.07% |
| 61822 | 2.19% | 2.38% | 2.72% | 2.87% | 2.98% |
Source: Ownwell
Property Tax Assessment Values Across Champaign, Illinois
In Champaign, 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 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 Champaign, 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. For instance, the highest median tax bill in Champaign is $5,740 in the 61822 zip code, while the lowest is $3,001 in the 61820 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Champaign Assessed Value
$155,250
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 Champaign, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61820 | $43,560 | $66,015 | $115,860 | $171,090 | $223,194 |
| 61821 | $64,704 | $97,650 | $131,610 | $177,615 | $238,056 |
| 61822 | $117,504 | $160,958 | $224,610 | $306,660 | $409,599 |
Source: Ownwell
Property Tax Bills Across Champaign, Illinois
In Champaign, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and any applicable exemptions or abatements also play a significant role in the final calculation. For homeowners in Champaign, the median home price is $155,250. Property tax bills can vary widely, with the 25th percentile at $2,613 and the 75th percentile at $5,970. Notably, the highest median tax bill in the area is $5,740 in the 61822 zip code, while the lowest is $3,001 in the 61820 zip code. This variability can significantly impact homeowners' finances, making it crucial for them to understand how their tax bill is determined. Comparatively, Champaign's property tax rates can be higher than the national median rate of 0.99%, affecting overall affordability for residents.
Average Champaign Tax Bill
$4,071
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Champaign, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61820 | $949 | $1,598 | $3,001 | $4,558 | $6,005 |
| 61821 | $1,530 | $2,384 | $3,430 | $4,717 | $6,543 |
| 61822 | $2,869 | $4,131 | $5,740 | $8,387 | $11,320 |
Source: Ownwell