Paxton, Illinois Property Taxes
The median property tax rate in Paxton, IL, is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Paxton, the typical annual property tax bill reaches $3,314, exceeding the national median of $2,690. Property taxes in Paxton 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 Paxton'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 Paxton 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
Paxton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$3,077
$2,855
Ownwell’s Paxton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Paxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paxton to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in viewing trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Paxton, Illinois
Property taxes in Paxton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paxton is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Paxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paxton 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 Paxton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60957 zip code has both the highest and lowest median property tax rate of 2.22%. Understanding how these cities compare with Paxton 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 Paxton 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 Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | 1.91% | 2.01% | 2.22% | 2.45% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Paxton, Illinois
In Paxton, 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 Paxton, 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 median home price in Paxton is $138,585, with tax bills ranging from $2,042 at the 25th percentile to $6,040 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paxton Assessed Value
$138,585
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 Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $72,315 | $104,542 | $138,585 | $195,202 | $243,420 |
Source: Ownwell
Property Tax Bills Across Paxton, Illinois
In Paxton, Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Tax rates, known as millage rates, are then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Paxton, the median home price stands at $138,585. The property tax rate in Champaign County can significantly affect homeowners, with tax bills ranging from $2,042 at the 25th percentile to $6,040 at the 90th percentile. The highest median tax bill within the county is $3,314, which is notably higher than the national median property tax rate of 0.99%. This can place a considerable financial burden on homeowners, making it essential to understand how these taxes are calculated and explore potential exemptions or appeals to manage costs effectively.
Average Paxton Tax Bill
$3,314
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $1,309 | $2,042 | $3,314 | $4,597 | $6,040 |
Source: Ownwell