Saint Elmo, Illinois Property Taxes
The median property tax rate in Saint Elmo, IL is 2.09%, 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 $1,641, 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
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$1,871
$1,736
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 2.09%, 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 regions in Illinois and the national median. For comparison, the zip code 62458 has the highest median property tax rate of 2.09%, while the lowest median tax rate is also found in the same zip code at 2.09%. Understanding how these rates compare with Saint Elmo 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 Saint Elmo Tax Rate
2.09%
Average Fayette County Tax Rate
2.13%
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 | 1.25% | 1.73% | 2.09% | 2.30% | 2.30% |
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 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 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 median home price in Saint Elmo is $89,504, with tax bills ranging from $917 at the 25th percentile to $4,229 at the 90th percentile.
Average Saint Elmo Assessed Value
$89,504
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 Saint Elmo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62458 | $25,773 | $53,980 | $89,504 | $139,672 | $203,428 |
Source: Ownwell
Property Tax Bills Across Saint Elmo, Illinois
In Saint Elmo, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Saint Elmo can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $917, while the 75th percentile reaches $2819, and the 90th percentile can be as high as $4229. Compared to the national median property tax rate of 0.99%, Fayette County's tax rates reflect the local economic conditions and funding needs for public services. These tax bills directly impact homeowners by influencing their annual housing costs and the overall affordability of owning property in the area.
Average Saint Elmo Tax Bill
$1,641
Average Fayette County Tax Bill
$1,347
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 | $510 | $917 | $1,641 | $2,819 | $4,229 |
Source: Ownwell