Winchester, Illinois Property Taxes
The median property tax rate in Winchester, IL is 1.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Winchester at $77,278, the typical annual property tax bill reaches $1,298, which exceeds the national median of $2,690. Property taxes in Winchester 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 Winchester'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 Winchester 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
Winchester, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,298
$1,205
Ownwell’s Winchester Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Winchester. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Winchester to provide a clear estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more granular insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Winchester, Illinois
Property taxes in Winchester, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 1.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62694 zip code has the highest median property tax rate of 1.68%, while the same zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Winchester provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Winchester Tax Rate
1.68%
Average Greene County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | 1.68% | 1.68% | 1.68% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Illinois
In Winchester, 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 Greene 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 Winchester, 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 here is $77,278, with the highest and lowest median tax bills both being $1,298 in zip code 62694. 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 Winchester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winchester Assessed Value
$77,278
Average Greene County Assessed Value
$57,802
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | $77,278 | $77,278 | $77,278 | $77,278 | $77,278 |
Source: Ownwell
Property Tax Bills Across Winchester, Illinois
In Winchester, Illinois, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is a percentage of the property's market value. For homeowners, factors such as property improvements, market trends, and neighborhood changes can influence the assessed value. The tax rate is then applied to the assessed value to determine the tax bill. In Winchester, the median home price is $77,278, and the median property tax bill is $1,298, which is significantly higher than the national median property tax rate of 0.99%. This indicates that homeowners in Winchester may face higher property taxes relative to the value of their homes. Understanding how these factors interplay is crucial for homeowners as it directly impacts their annual financial obligations. Higher property taxes can affect the affordability of owning a home and influence decisions regarding property investments and improvements.
Average Winchester Tax Bill
$1,298
Average Greene County Tax Bill
$1,090
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | $1,298 | $1,298 | $1,298 | $1,298 | $1,298 |
Source: Ownwell