Teutopolis, Illinois Property Taxes
The median property tax rate in Teutopolis, IL is 1.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Teutopolis at $203,910, the typical annual property tax bill reaches $2,908, exceeding the national median of $2,690. Property taxes in Teutopolis 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 Teutopolis'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 Teutopolis 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
Teutopolis, 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 Teutopolis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Teutopolis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Teutopolis 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 Teutopolis, Illinois
Property taxes in Teutopolis, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Teutopolis is 1.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Teutopolis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Teutopolis 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 Teutopolis's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62467 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Teutopolis 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 Teutopolis Tax Rate
1.55%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | 0.73% | 1.32% | 1.55% | 1.73% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Teutopolis, Illinois
In Teutopolis, 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 Teutopolis, 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. The median home price in Teutopolis is $203,910, with the 25th percentile tax bill at $1,889 and the 75th percentile at $4,212. The highest and lowest median tax bills, both $2,908, are found in the 62467 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Teutopolis Assessed Value
$203,910
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 Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | $112,746 | $151,462 | $203,910 | $278,040 | $357,483 |
Source: Ownwell
Property Tax Bills Across Teutopolis, Illinois
In Teutopolis, Effingham County, IL, property tax bills 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 instance, if a home has a median price of $203,910, the assessed value is calculated, and the local tax rate is applied to this figure. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions. Homeowners in Teutopolis can expect their tax bills to vary significantly, with the 25th percentile at $1,889 and the 75th percentile reaching $4,212. At the higher end, the 90th percentile tax bill is $5,678. These property taxes impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Teutopolis homeowners may find their tax rates relatively competitive, affecting their overall cost of living and investment in the community.
Average Teutopolis Tax Bill
$2,908
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Teutopolis, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62467 | $846 | $1,889 | $2,908 | $4,212 | $5,678 |
Source: Ownwell