Arthur, Illinois Property Taxes
The median property tax rate in Arthur, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Arthur at $122,496, the typical annual property tax bill reaches $2,790, slightly exceeding the national median of $2,690. Property taxes in Arthur 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 Arthur'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 Arthur 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
Arthur, 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 Arthur Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Arthur. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Arthur to provide an accurate estimate of your property tax bill. This user-friendly tool helps you anticipate potential tax liabilities, offering peace of mind and financial clarity. To explore trends at a neighborhood level, scroll down for more detailed information. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Arthur, Illinois
Property taxes in Arthur, Illinois are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Arthur is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Arthur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arthur 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 Arthur's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61911 within Coles County has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these areas compare with Arthur provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arthur Tax Rate
2.40%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arthur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | 2.04% | 2.28% | 2.40% | 2.53% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Arthur, Illinois
In Arthur, 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 Coles 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 Arthur, 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 Arthur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Arthur both stand at $2,790, with the zip code 61911 reflecting these values.
Average Arthur Assessed Value
$122,496
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arthur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | $12,219 | $62,470 | $122,496 | $206,608 | $302,989 |
Source: Ownwell
Property Tax Bills Across Arthur, Illinois
In Arthur, located in Coles County, IL, property tax bills are primarily determined by the assessed value of a home, which is a percentage of its market value. The median home price in Arthur is $122,496. Local tax rates are applied to this assessed value to calculate the annual tax bill. Various factors influence the final tax amount, including property size, location, and any applicable exemptions or deductions. Homeowners in Arthur experience a range of tax bills. The 25th percentile tax bill is $1,737, while the 75th percentile reaches $5,246, and the 90th percentile hits $7,338. Compared to the national median property tax rate of 0.99%, Arthur's rates can significantly impact homeowners' finances. The highest and lowest median tax bills in Arthur are both $2,790, indicating a level of consistency within the area. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Arthur Tax Bill
$2,790
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Arthur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61911 | $758 | $1,737 | $2,790 | $5,246 | $7,338 |
Source: Ownwell