Saint Elmo, Illinois Property Taxes
The median property tax rate in Saint Elmo, IL is 1.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Saint Elmo, the typical annual property tax bill reaches $2,875, exceeding the national median of $2,690. Property taxes in Saint Elmo 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 Saint Elmo'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 Saint Elmo 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
Saint Elmo, 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 Saint Elmo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saint Elmo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saint Elmo 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 Saint Elmo, Illinois
Property taxes in Saint Elmo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saint Elmo is 1.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Saint Elmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saint Elmo 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 Saint Elmo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62458 zip code has both the highest and lowest median property tax rate of 1.60%. Understanding how these cities compare with Saint Elmo 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 Saint Elmo Tax Rate
1.60%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saint Elmo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62458 | 1.17% | 1.36% | 1.60% | 1.80% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Saint Elmo, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Saint Elmo, 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 the Effingham 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 Saint Elmo, 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 Saint Elmo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62458, with a median tax bill of $2,875.
Average Saint Elmo Assessed Value
$178,065
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 Saint Elmo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62458 | $96,222 | $107,558 | $178,065 | $212,325 | $257,955 |
Source: Ownwell
Property Tax Bills Across Saint Elmo, Illinois
Property tax bills in Saint Elmo, located in Effingham County, Illinois, are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $178,065, homeowners can expect their property tax bills to vary widely. The 25th percentile tax bill is about $1,703, while the 75th percentile reaches $3,284, and the 90th percentile can go up to $4,158. Factors influencing these variations include the specific tax rate set by local authorities, exemptions for which homeowners might qualify, and any changes in assessed property values. Compared to the national median property tax rate of 0.99%, these figures indicate that property taxes in Saint Elmo can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners better prepare for their financial obligations and potentially seek appeals or exemptions to reduce their tax burden.
Average Saint Elmo Tax Bill
$2,875
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Saint Elmo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62458 | $1,043 | $1,703 | $2,875 | $3,284 | $4,158 |
Source: Ownwell