Thomasboro, Champaign County, Illinois Property Taxes
Median Thomasboro, IL effective property tax rate: 2.16%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Thomasboro, IL home value: $91,320
Median annual Thomasboro, IL tax bill: $1,943, $457 lower than the national median property tax bill of $2,400.
How are property taxes in Champaign calculated?
Property taxes in Thomasboro, 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 Thomasboro’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Thomasboro, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Thomasboro, Champaign County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.16%
Estimate Property Tax Bill
$1,973
$1,830
Property Tax Rates Across Thomasboro, Champaign County, Illinois
Local government entities set property tax rates, which can vary widely within a state. This is because each county, including Champaign County, estimates its required budget to provide necessary services and then 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.
In Thomasboro, located in Champaign County, the effective property tax rate is 2.16%. This rate is notably higher than the national median property tax rate of 1.02%. The median property tax bill in the U.S. is $2,400, and Thomasboro's higher rate reflects the local government's budgetary needs and the value of taxable properties.
This comparison highlights the importance of understanding local tax rates and how they can impact property owners. By staying informed about these rates, property owners in Thomasboro can better navigate their financial obligations and potentially explore tax appeal opportunities to manage their expenses effectively.
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 Thomasboro Tax Rate
2.16%
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 Tax Rate
2.54%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Thomasboro, Champaign County, 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, Champaign County, Illinois
When examining property taxes in Thomasboro, 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 appraisal district 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.
Assessment notices:
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 Thomasboro. For example, the median home price in Thomasboro is $91,320, with tax bills ranging significantly across the county. 61878 has the highest median home price at $91,320.
Property Tax Assessment Values Across Thomasboro, Champaign County, Illinois
Source: Ownwell
$64,275
$153,698
$243,120
Median Thomasboro Market Value
$91,320
Median Champaign County Market Value
$152,850
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Thomasboro, Champaign County, 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, Champaign County, Illinois
In Thomasboro, located in Champaign County, Illinois, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property improvements and changes in the local tax rate can influence the final amount. The median property tax bill in Thomasboro is $1,943, which is below the national median of $2,400. However, some homeowners in the area face tax bills as high as $3,531, indicating a significant range in what residents might owe.
Homeowners in Thomasboro can benefit from Ownwell's expertise in property tax appeals and exemptions. By analyzing each property's assessed value, Ownwell can identify discrepancies and work to lower the tax burden. This can result in substantial savings, particularly for those at the higher end of the tax spectrum. Ownwell's services ensure that homeowners are not overpaying, providing peace of mind and financial relief.
Median Thomasboro Tax Bill
$1,943
Median Champaign County Tax Bill
$3,816
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Thomasboro, Champaign County, 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