Effingham, Illinois Property Taxes
The median property tax rate in Effingham, IL is 1.79%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Effingham, the typical annual property tax bill reaches $2,520, slightly below the national median of $2,690. Property taxes in Effingham 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 Effingham'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 Effingham 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
Effingham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.79%
Estimate Property Tax Bill
$2,698
$2,504
Ownwell’s Effingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Effingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Effingham 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 Effingham, Illinois
Property taxes in Effingham, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Effingham is 1.79%, significantly higher than the U.S. national median of 0.99%. Local government entities within Effingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Effingham 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 Effingham's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62401 has both the highest and lowest median property tax rate in Effingham at 1.79%. Understanding how these cities compare with Effingham provides valuable insights into the varying tax landscape across Effingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Effingham Tax Rate
1.79%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | 1.00% | 1.45% | 1.79% | 2.02% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Effingham, Illinois
In Effingham, 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 Effingham 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 Effingham, 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. The median home price in Effingham is $150,720, with median tax bills ranging from $1,551 at the 25th percentile to $3,807 at the 75th percentile, and $5,423 at the 90th percentile. 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 Effingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Effingham Assessed Value
$150,720
Average Effingham County Assessed Value
$155,790
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | $70,632 | $100,170 | $150,720 | $217,560 | $304,488 |
Source: Ownwell
Property Tax Bills Across Effingham, Illinois
In Effingham, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the property's market value. For example, a home with a median price of $150,720 in Effingham could have varying tax bills depending on its assessed value and the applicable tax rate. The tax rate in Effingham is influenced by local government budgets and the needs of public services such as schools and infrastructure. Homeowners in Effingham can expect their tax bills to fall within a wide range. At the 25th percentile, the tax bill is around $1,551, while at the 75th percentile, it rises to $3,807. The 90th percentile sees tax bills as high as $5,423. The median tax bill in the 62401 zip code is $2,520, which is higher than the national median property tax rate of 0.99%. These property taxes significantly impact homeowners by contributing to the funding of essential community services.
Average Effingham Tax Bill
$2,520
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | $941 | $1,551 | $2,520 | $3,807 | $5,423 |
Source: Ownwell