Philo, Champaign County, Illinois Property Taxes
Median Philo, IL effective property tax rate: 1.87%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Philo, IL home value: $176,580
Median annual Philo, IL tax bill: $3,239, $839 higher than the national median property tax bill of $2,400.
How are property taxes in Champaign calculated?
Property taxes in Philo, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Philo’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Philo, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Philo, Champaign County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.87%
Estimate Property Tax Bill
$3,302
$3,064
Property Tax Rates Across Philo, Champaign County, Illinois
Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Philo’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
Philo, located in Champaign County, has a median property tax rate of 1.87%. This is significantly higher than the national median property tax rate of 1.02%. The median property tax rate in Illinois is also 1.87%, aligning with Philo's rate. This indicates that Philo is representative of the state's property tax landscape. However, compared to the national landscape, Philo's rate is notably higher, suggesting a heavier tax burden relative to the average U.S. property owner. Understanding these rates is essential for property owners when planning their finances and considering property investments.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Philo Taxx Rate
1.87%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Champaign County Taxx Rate
2.54%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
0.99%
Property Tax Rates Across Philo, Champaign County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | 1.57% | 1.74% | 1.87% | 1.95% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Philo, Champaign County, Illinois
When examining property taxes in Philo, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Champaign County assessment office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Champaign County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Philo.
For example, the median home price in Philo is $176,580, with tax bills ranging significantly across the county. 61864 has the highest median home price at $176,580.
Property Tax Assessment Values Across Philo, Champaign County, Illinois
Source: Ownwell
$64,275
$153,698
$243,120
Median Philo Market Value
$176,580
Median Champaign County Market Value
$152,850
Median Illinois Market Value
$194,700
Median United States Market Value
$244,900
Property Tax Assessment Values Across Philo, Champaign County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | $95,460 | $136,110 | $176,580 | $232,500 | $296,352 |
Source: Ownwell
Property Tax Bills Across Philo, Champaign County, Illinois
Median Philo Tax Bill
$3,239
Median Champaign County Tax Bill
$3,816
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,690
Property Tax Bills Across Philo, Champaign County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61864 | $1,575 | $2,309 | $3,239 | $4,363 | $5,703 |
Source: Ownwell