Jewett, Illinois Property Taxes
The median property tax rate in Jewett, Illinois is 1.82%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Jewett, the typical annual property tax bill reaches $1,861, which is below the national median of $2,690. Property taxes in Jewett are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jewett'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 Jewett or another part of Cumberland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jewett, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.82%
Estimate Property Tax Bill
$1,769
$1,729
Ownwell’s Jewett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jewett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jewett 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 Jewett, Illinois
Property taxes in Jewett, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jewett is 1.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Jewett set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jewett 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 Jewett's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62436 zip code has the highest median property tax rate of 1.82%, while the same zip code also has the lowest median tax rate of 1.82%. Understanding how these cities compare with Jewett provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jewett Tax Rate
1.82%
Average Cumberland County Tax Rate
1.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jewett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62436 | 1.42% | 1.62% | 1.82% | 2.11% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Jewett, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jewett, Illinois. 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 Cumberland County 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 Jewett, 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 Jewett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is in the 62436 zip code, amounting to $1,861, while the lowest median tax bill is also in the 62436 zip code, at $1,861.
Average Jewett Assessed Value
$97,194
Average Cumberland County Assessed Value
$107,319
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jewett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62436 | $20,452 | $52,214 | $97,194 | $150,734 | $193,874 |
Source: Ownwell
Property Tax Bills Across Jewett, Illinois
In Jewett, located in Cumberland County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. The median home price in Jewett is $97,194, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, the tax bill for the 25th percentile is $1,052, while it rises to $2,923 for the 75th percentile and $3,639 for the 90th percentile. These variations reflect differences in property values and applicable tax rates within the city. Homeowners in Jewett can expect their property tax bills to be influenced by these assessments, which may impact their overall financial planning and housing affordability. Compared to the national median property tax rate of 0.99%, Jewett's rates can vary significantly, affecting how much homeowners ultimately pay each year.
Average Jewett Tax Bill
$1,861
Average Cumberland County Tax Bill
$1,976
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Jewett, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62436 | $434 | $1,052 | $1,861 | $2,923 | $3,639 |
Source: Ownwell