Seymour, Illinois Property Taxes
The median property tax rate in Seymour, IL is 2.13%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Seymour, the typical annual property tax bill reaches $3,639, exceeding the national median of $2,690. Property taxes in Seymour 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 Seymour'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 Seymour 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
Seymour, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.13%
Estimate Property Tax Bill
$3,707
$3,440
Ownwell’s Seymour Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seymour with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seymour 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 Seymour, Illinois
Property taxes in Seymour, Illinois, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seymour stands at 2.13%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Seymour set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seymour 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 Seymour's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61875 zip code has the highest median property tax rate of 2.13%, while the lowest median tax rate is also 2.13%. Understanding how these areas compare with Seymour 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 Seymour Tax Rate
2.13%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seymour, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61875 | 1.78% | 1.94% | 2.13% | 2.28% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Seymour, Illinois
In Seymour, 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 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 Seymour, 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. For instance, the highest median tax bill in Seymour's 61875 zip code is $3,639. 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 Seymour helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Seymour Assessed Value
$174,030
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 Seymour, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61875 | $75,843 | $103,598 | $174,030 | $275,738 | $354,015 |
Source: Ownwell
Property Tax Bills Across Seymour, Illinois
In Seymour, IL, located in Champaign County, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Seymour is $174,030, the assessed value would be a fraction of this amount, subject to local assessment ratios. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Seymour can expect varying tax bills; for example, those in the 25th percentile pay around $2,025 annually, while those in the 75th percentile face bills closer to $6,062. The highest tax bills, seen in the 90th percentile, can reach up to $7,893. Compared to the national median property tax rate of 0.99%, Seymour's property taxes can significantly impact homeowners, especially those with higher-valued properties. This variation underscores the importance of understanding local tax policies and potential exemptions to manage annual property tax expenses effectively.
Average Seymour Tax Bill
$3,639
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Seymour, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61875 | $1,303 | $2,025 | $3,639 | $6,062 | $7,893 |
Source: Ownwell