Claremont, Illinois Property Taxes
The median property tax rate in Claremont, IL is 1.27%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Claremont, the typical annual property tax bill reaches $1,038, exceeding the national median of $2,690. Property taxes in Claremont 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 Claremont'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 Claremont 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
Claremont, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$621
$576
Ownwell’s Claremont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Claremont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Claremont 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 Claremont, Illinois
Property taxes in Claremont, Illinois, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Claremont is 1.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within Claremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Claremont 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 Claremont's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62421 zip code in Crawford County has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Claremont provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Claremont Tax Rate
1.27%
Average Crawford County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | 0.71% | 0.92% | 1.27% | 1.62% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Claremont, Illinois
In Claremont, 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 Crawford 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 Claremont, 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 Claremont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62421, with a tax bill of $1038, while the lowest median tax bill is also in zip code 62421, at $1038.
Average Claremont Assessed Value
$48,912
Average Crawford County Assessed Value
$84,633
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | $9,782 | $24,456 | $48,912 | $122,244 | $166,243 |
Source: Ownwell
Property Tax Bills Across Claremont, Illinois
Property tax bills in Claremont, IL, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value typically represents a percentage of the property's market value. Homeowners in Claremont can expect their property tax bills to vary significantly depending on the assessed value of their homes. For instance, the 25th percentile tax bill is around $659, while the 75th percentile tax bill reaches $2,441, and the 90th percentile goes up to $3,283. These figures are influenced by various factors, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Claremont offers a diverse range of tax bills that reflect the unique characteristics of each property. This variability in tax bills can significantly impact homeowners, affecting their annual budgets and overall financial planning. Understanding these factors can help homeowners anticipate and manage their property tax obligations more effectively.
Average Claremont Tax Bill
$1,038
Average Crawford County Tax Bill
$1,940
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | $432 | $659 | $1,038 | $2,441 | $3,283 |
Source: Ownwell