Homer, Illinois Property Taxes
The median property tax rate in Homer, IL is 2.22%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Homer at $116,100, the typical annual property tax bill reaches $2,508, slightly below the national median of $2,690. Property taxes in Homer are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Homer'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 Homer or another part of Champaign County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Homer, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$2,577
$2,392
Ownwell’s Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, Illinois
Property taxes in Homer, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61849 zip code has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Homer 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 Homer Tax Rate
2.22%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61849 | 1.53% | 1.99% | 2.22% | 2.37% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Homer, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Homer, 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 Champaign County Appraisal District 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 Homer, 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. In Homer, the median home price is $116,100. The 25th percentile tax bill is $1,670, while the 75th percentile tax bill reaches $3,768. The highest median tax bill in the area is $2,508, found in the 61849 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 Homer Assessed Value
$116,100
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 Homer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61849 | $53,706 | $86,408 | $116,100 | $168,788 | $273,591 |
Source: Ownwell
Property Tax Bills Across Homer, Illinois
In Homer, Champaign 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 median home price in Homer is $116,100, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence this calculation, including property size, location, and improvements made to the home. In Homer, the tax bill can vary significantly, with the 25th percentile at $1,670 and the 75th percentile at $3,768, reflecting the diversity in property values and assessments. Homeowners in Homer face a median property tax bill of $2,508, which is above the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual housing costs, potentially affecting affordability and long-term financial planning. However, these taxes fund essential local services, such as schools, infrastructure, and public safety, contributing to the community's overall quality of life.
Average Homer Tax Bill
$2,508
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61849 | $870 | $1,670 | $2,508 | $3,768 | $6,086 |
Source: Ownwell