Canton, Illinois Property Taxes
The median property tax rate in Canton, IL is 2.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Canton at $78,258, the typical annual property tax bill reaches $1,401, exceeding the national median of $2,690. Property taxes in Canton 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 Canton'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 Canton 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
Canton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$2,144
$2,095
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Illinois
Property taxes in Canton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 2.74%, significantly higher than the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61520 zip code has both the highest and lowest median property tax rate of 2.74%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
2.74%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61520 | 1.62% | 2.19% | 2.74% | 3.40% | 3.40% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Illinois
In Canton, 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 Fulton 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 Canton, 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 Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Canton is $78,258. The highest and lowest median tax bills both stand at $1,401, found in the 61520 zip code.
Average Canton Assessed Value
$78,258
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61520 | $34,324 | $55,045 | $78,258 | $115,285 | $158,949 |
Source: Ownwell
Property Tax Bills Across Canton, Illinois
In Canton, located in Fulton County, IL, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Canton is $78,258. The local tax rate is applied to this assessed value to determine your annual property tax bill. Factors such as property size, age, and improvements can impact the assessed value, and consequently, the tax amount. Homeowners in Canton can expect a wide range of tax bills. For instance, those in the 25th percentile pay around $807 annually, while those in the 75th percentile face bills closer to $2,138. At the 90th percentile, tax bills can reach up to $2,960. The highest and lowest median tax bills in the area both stand at $1,401, reflecting consistent valuation practices. Compared to the national median property tax rate of 0.99%, Canton’s tax rates offer a varied yet competitive landscape for homeowners, affecting their annual financial planning and long-term investment in property.
Average Canton Tax Bill
$1,401
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61520 | $455 | $807 | $1,401 | $2,138 | $2,960 |
Source: Ownwell