Watson, Illinois Property Taxes
The median property tax rate in Watson, IL is 1.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Watson at $161,520, the typical annual property tax bill reaches $1,924, which is below the national median of $2,690. Property taxes in Watson 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 Watson'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 Watson or another part of Effingham County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watson, 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 Watson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watson 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 Watson, Illinois
Property taxes in Watson, Illinois, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Watson is 1.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Watson set these rates annually, and they can vary across different neighborhoods. Each year, Watson 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 Watson's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62473 has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these areas compare with Watson 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 Watson Tax Rate
1.49%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62473 | 0.23% | 1.13% | 1.49% | 1.61% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Watson, Illinois
In Watson, 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 Watson, 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 Watson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Watson is found in the 62473 zip code, amounting to $1,924.
Average Watson Assessed Value
$161,520
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 Watson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62473 | $55,716 | $91,170 | $161,520 | $219,885 | $275,910 |
Source: Ownwell
Property Tax Bills Across Watson, Illinois
In Watson, Illinois, within Effingham County, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For instance, with a median home price of $161,520, homeowners can expect varying tax bills depending on their property's specific assessment and applicable exemptions. Factors influencing the tax bill include the property's assessed value, local levy rates, and any applicable exemptions or deductions. The tax bill in Watson can range significantly, with the 25th percentile at $909 and the 75th percentile reaching $3,008. At the 90th percentile, homeowners might see tax bills as high as $4,177. These variations highlight the impact of different property values and local tax rates on homeowners' financial obligations. Compared to the national median property tax rate of 0.99%, Watson's tax bills reflect the local economic conditions and municipal funding needs, affecting homeowners' annual budgets accordingly.
Average Watson Tax Bill
$1,924
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Watson, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62473 | $170 | $909 | $1,924 | $3,008 | $4,177 |
Source: Ownwell