Scheller, Illinois Property Taxes
The median property tax rate in Scheller, Illinois is 2.26%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $74,325 in Scheller, the typical annual property tax bill reaches $1,653, which is below the national median of $2,690. Property taxes in Scheller are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Scheller's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Scheller or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scheller, 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 Scheller Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scheller with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scheller 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 Scheller, Illinois
Property taxes in Scheller, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scheller is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Scheller set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scheller 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 Scheller's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62883 has both the highest and lowest median property tax rate of 2.26%. Understanding how these cities compare with Scheller provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scheller Tax Rate
2.26%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scheller, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62883 | 1.41% | 1.83% | 2.26% | 2.72% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Scheller, Illinois
In Scheller, 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 Franklin 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 Scheller, 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. The median home price in Scheller is $74,325, with the 25th percentile tax bill at $1,077 and the 75th percentile at $2,550. The 90th percentile tax bill reaches $3,509. The highest and lowest median tax bills are both $1,653, found in the 62883 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and find opportunities to protest assessments or apply for exemptions, effectively managing their tax burden.
Average Scheller Assessed Value
$74,325
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scheller, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62883 | $23,664 | $57,345 | $74,325 | $107,025 | $121,098 |
Source: Ownwell
Property Tax Bills Across Scheller, Illinois
In Scheller, located in Franklin County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor. For example, if the median home price in Scheller is $74,325, the assessed value will be a fraction of this amount, depending on the local assessment ratio. The tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Scheller can expect to pay property taxes ranging from $1,077 at the 25th percentile to $3,509 at the 90th percentile. The median property tax rate in Franklin County is higher than the national median of 0.99%, resulting in significant property tax bills for homeowners. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Scheller Tax Bill
$1,653
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Scheller, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62883 | $672 | $1,077 | $1,653 | $2,550 | $3,509 |
Source: Ownwell