Thomasboro, Illinois Property Taxes
The median property tax rate in Thomasboro, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Thomasboro at $91,320, the typical annual property tax bill reaches $1,943, falling below the national median of $2,690. Property taxes in Thomasboro 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 Thomasboro'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 Thomasboro 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
Thomasboro, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$1,973
$1,927
Ownwell’s Thomasboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomasboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomasboro 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 Thomasboro, Illinois
Property taxes in Thomasboro, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Thomasboro is 2.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Thomasboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomasboro 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 Thomasboro's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61878 has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these areas compare with Thomasboro 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 Thomasboro Tax Rate
2.16%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomasboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61878 | 1.27% | 1.88% | 2.16% | 2.36% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Thomasboro, Illinois
In Thomasboro, 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’s 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 Thomasboro, 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. Being aware of these valuation processes in Thomasboro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Thomasboro is $91,320, with tax bills ranging from $1,282 at the 25th percentile to $3,531 at the 90th percentile. The highest and lowest median tax bills are both in the 61878 zip code, standing at $1,943.
Average Thomasboro Assessed Value
$91,320
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 Thomasboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61878 | $43,608 | $69,795 | $91,320 | $123,915 | $154,104 |
Source: Ownwell
Property Tax Bills Across Thomasboro, Illinois
In Thomasboro, located in Champaign County, IL, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is typically a fraction of the market value, and this figure is then multiplied by the local tax rate to calculate the annual tax bill. For instance, the median home price in Thomasboro is $91,320. Depending on various factors, property tax bills can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $1,282, while those in the 75th percentile might see bills closer to $2,756. At the 90th percentile, tax bills can reach up to $3,531. These variations are influenced by factors such as property improvements, neighborhood changes, and local government budgets. Compared to the national median property tax rate of 0.99%, Thomasboro's rates reflect the local economic conditions and funding requirements, impacting homeowners' annual financial planning.
Average Thomasboro Tax Bill
$1,943
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomasboro, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61878 | $634 | $1,282 | $1,943 | $2,756 | $3,531 |
Source: Ownwell