Shattuc, Illinois Property Taxes
The median property tax rate in Shattuc, IL is 1.85%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shattuc at $117,646, the typical annual property tax bill reaches $2,067, slightly below the national median of $2,690. Property taxes in Shattuc 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 Shattuc'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 Shattuc 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
Shattuc, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Shattuc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shattuc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shattuc 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 Shattuc, Illinois
Property taxes in Shattuc, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shattuc is 1.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shattuc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shattuc 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 Shattuc's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62231 has both the highest and lowest median property tax rate of 1.85%. Understanding how these cities compare with Shattuc provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shattuc Tax Rate
1.85%
Average Clinton County Tax Rate
2.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shattuc, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62231 | 1.21% | 1.58% | 1.85% | 2.08% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Shattuc, Illinois
In Shattuc, 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 Clinton 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 Shattuc, 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 Shattuc helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 62231, with a median tax bill of $2,067.
Average Shattuc Assessed Value
$117,646
Average Clinton County Assessed Value
$140,970
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shattuc, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62231 | $43,575 | $70,658 | $117,646 | $161,265 | $209,950 |
Source: Ownwell
Property Tax Bills Across Shattuc, Illinois
In Shattuc, Clinton County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Various factors such as property size, location, and improvements can influence this value. Once the assessed value is established, a tax rate is applied to calculate the annual property tax bill. For homeowners in Shattuc, the property tax rate is crucial as it directly affects their financial obligations. The median home price in Shattuc is $117,646, leading to varying tax bills. For instance, the 25th percentile tax bill is $1,123, while the 75th percentile reaches $3,231. At the 90th percentile, homeowners could see bills as high as $4,297. Comparatively, the highest and lowest median tax bills in the area both stand at $2,067, making it evident that property taxes can significantly impact homeowners' budgets. Understanding these elements is essential for effective financial planning.
Average Shattuc Tax Bill
$2,067
Average Clinton County Tax Bill
$2,760
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shattuc, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62231 | $630 | $1,123 | $2,067 | $3,231 | $4,297 |
Source: Ownwell