Shobonier, Illinois Property Taxes
The median property tax rate in Shobonier, IL is 2.11%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Shobonier at $90,201, the typical annual property tax bill reaches $1,695, which is below the national median of $2,690. Property taxes in Shobonier 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 Shobonier'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 Shobonier or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shobonier, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$1,903
$1,766
Ownwell’s SHOBONIER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SHOBONIER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SHOBONIER 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 Shobonier, Illinois
Property taxes in Shobonier, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shobonier is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shobonier set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shobonier 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 Shobonier's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62885 zip code has both the highest and lowest median property tax rate of 2.11%. Understanding how these areas compare with Shobonier 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 Shobonier Tax Rate
2.11%
Average Fayette County Tax Rate
2.13%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shobonier, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62885 | 1.33% | 1.78% | 2.11% | 2.27% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Shobonier, Illinois
In Shobonier, 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 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 Shobonier, 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 Shobonier helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Shobonier is 62885, with a value of $1,695.
Average Shobonier Assessed Value
$90,201
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 Shobonier, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62885 | $21,503 | $54,359 | $90,201 | $134,012 | $180,290 |
Source: Ownwell
Property Tax Bills Across Shobonier, Illinois
In Shobonier, located in Fayette County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Local tax rates, set by various taxing authorities such as school districts and municipalities, are then applied to this assessed value to determine the final tax bill. For homeowners in Shobonier, the median home price stands at $90,201. Tax bills can vary significantly, with the 25th percentile at $940 and the 75th percentile at $2,600, reflecting differences in property values and specific local tax rates. The 90th percentile tax bill reaches up to $3,528, indicating higher-valued properties or areas with higher tax rates. Compared to the national median property tax rate of 0.99%, Shobonier’s tax rates can influence homeowners' financial planning. Understanding these factors is crucial for homeowners as property taxes directly impact annual housing costs and long-term investment returns.
Average Shobonier Tax Bill
$1,695
Average Fayette County Tax Bill
$1,347
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shobonier, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62885 | $458 | $940 | $1,695 | $2,600 | $3,528 |
Source: Ownwell