Wheeler, Illinois Property Taxes
The median property tax rate in Wheeler, IL is 1.52%, notably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $162,450 in Wheeler, the typical annual property tax bill amounts to $1,822, which is below the national median of $2,690. Property taxes in Wheeler are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Wheeler'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 Wheeler 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
Wheeler, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.52%
Estimate Property Tax Bill
$2,469
$2,291
Ownwell’s Wheeler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheeler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheeler 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 Wheeler, Illinois
Property taxes in Wheeler, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheeler is 1.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wheeler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheeler 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 Wheeler's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62479 zip code has the highest median property tax rate of 1.52%, while the same zip code also has the lowest median tax rate of 1.52%. Understanding how these cities compare with Wheeler 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 Wheeler Tax Rate
1.52%
Average Effingham County Tax Rate
1.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | 0.61% | 1.52% | 1.52% | 1.55% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Wheeler, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wheeler, 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 Wheeler, 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 Wheeler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the 62479 zip code is $1,822, offering a glimpse into local tax variations.
Average Wheeler Assessed Value
$162,450
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 Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | $81,195 | $101,842 | $162,450 | $254,670 | $334,380 |
Source: Ownwell
Property Tax Bills Across Wheeler, Illinois
Property tax bills in Wheeler, located in Effingham County, IL, 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 tax bill. For homeowners, the median home price in Wheeler is $162,450, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $1,488, while it rises to $3,255 at the 75th percentile and reaches $3,772 at the 90th percentile. The highest and lowest median tax bills in the area are both recorded at $1,822 in the zip code 62479. These variations can significantly impact homeowners, influencing their annual expenses and potentially affecting their decisions regarding property investments. Compared to the national median property tax rate of 0.99%, the property tax rates in Wheeler play a crucial role in shaping the financial landscape for property owners in this region.
Average Wheeler Tax Bill
$1,822
Average Effingham County Tax Bill
$2,476
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheeler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62479 | $595 | $1,488 | $1,822 | $3,255 | $3,772 |
Source: Ownwell