Altamont, Illinois Property Taxes
The median property tax rate in Altamont, IL is 1.89%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Altamont at $73,974, the typical annual property tax bill reaches $1,456, exceeding the national median of $2,690. Property taxes in Altamont 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 Altamont'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 Altamont 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
Altamont, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$1,398
$1,366
Ownwell’s Altamont Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Altamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altamont to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Fayette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Altamont, Illinois
Property taxes in Altamont, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamont is 1.89%, which is significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Altamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altamont 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 Altamont's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62411 has the highest median property tax rate of 1.89%, while the same zip code also has the lowest median tax rate of 1.89%. Understanding how these cities compare with Altamont provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamont Tax Rate
1.89%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | 1.63% | 1.80% | 1.89% | 2.13% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Altamont, Illinois
In Altamont, 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 Fayette 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 Altamont, 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 Altamont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62411 has the highest and lowest median tax bill at $1456.00.
Average Altamont Assessed Value
$73,974
Average Fayette County Assessed Value
$73,758
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | $34,068 | $48,682 | $73,974 | $117,434 | $169,694 |
Source: Ownwell
Property Tax Bills Across Altamont, Illinois
Property tax bills in Altamont, Fayette County, IL, are determined by assessing the market value of a property and applying the local tax rate to that assessed value. Homeowners in Altamont face a median property tax bill of $1,456, which aligns closely with the county's median. This amount is significantly higher than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, which can fluctuate based on real estate market conditions, and the specific tax rate set by local government entities. For instance, a home valued at the median price of $73,974 would face varying tax bills, with the 25th percentile at $1,075 and the 75th percentile at $2,118. At the 90th percentile, the tax bill can rise to $3,182. These variations affect homeowners differently, impacting their financial planning and overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and budget accordingly.
Average Altamont Tax Bill
$1,456
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62411 | $662 | $1,075 | $1,456 | $2,118 | $3,182 |
Source: Ownwell