Decatur, Illinois Property Taxes
The median property tax rate in Decatur, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Decatur, the typical annual property tax bill reaches $1,800, exceeding the national median of $2,690. Property taxes in Decatur 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 Decatur'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 Decatur 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
Decatur, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$1,984
$1,939
Ownwell’s Decatur Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Decatur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Decatur 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 Decatur, Illinois
Property taxes in Decatur, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Decatur is 2.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Decatur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Decatur 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 Decatur's effective property tax rate to other areas in Macon County and the national median. For comparison, the 62523 zip code has the highest median property tax rate of 3.41%, while the 62525 zip code has the lowest median tax rate of 2.60%. Understanding how these areas compare with Decatur provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Decatur Tax Rate
2.68%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Decatur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62521 | 1.58% | 2.03% | 2.62% | 3.41% | 3.41% |
| 62522 | 1.59% | 2.15% | 2.69% | 3.41% | 3.41% |
| 62523 | 2.69% | 3.15% | 3.41% | 3.41% | 3.41% |
| 62525 | 2.34% | 2.38% | 2.60% | 2.82% | 3.14% |
| 62526 | 1.58% | 2.19% | 2.75% | 3.41% | 3.41% |
| 62573 | 2.69% | 2.69% | 2.69% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Decatur, Illinois
In Decatur, 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 Macon 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 Decatur, 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 Decatur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $5,428 in the 62525 zip code, while the lowest is $1,614 in the 62522 zip code.
Average Decatur Assessed Value
$74,035
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Decatur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62521 | $19,317 | $34,602 | $85,280 | $135,356 | $212,088 |
| 62522 | $17,873 | $32,481 | $64,096 | $99,949 | $139,802 |
| 62523 | $21,615 | $52,688 | $85,574 | $115,832 | $136,670 |
| 62525 | $5,309 | $19,974 | $191,599 | $311,056 | $398,856 |
| 62526 | $17,903 | $28,509 | $67,696 | $107,072 | $150,244 |
| 62573 | $175,742 | $175,742 | $175,742 | $175,742 | $175,742 |
Source: Ownwell
Property Tax Bills Across Decatur, Illinois
In Decatur, located in Macon County, IL, property tax bills are primarily calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Decatur is $74,035. Local tax rates are then applied to this assessed value to determine the annual property tax bill. For example, homeowners in Decatur can expect a tax bill ranging from $820 at the 25th percentile to $4,720 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. These elements combined determine the financial obligation homeowners face each year. When compared to the national median property tax rate of 0.99%, Decatur's property taxes can vary widely, reflecting the diverse economic landscape of the area. Homeowners in zip code 62525 face the highest median tax bill at $5,428, while those in zip code 62522 have the lowest at $1,614. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Decatur Tax Bill
$1,800
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Decatur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62521 | $494 | $901 | $2,001 | $3,460 | $5,554 |
| 62522 | $464 | $808 | $1,614 | $2,610 | $3,775 |
| 62523 | $1,132 | $1,672 | $2,309 | $3,996 | $4,659 |
| 62525 | $596 | $1,961 | $5,428 | $8,081 | $9,821 |
| 62526 | $441 | $745 | $1,667 | $2,829 | $4,278 |
| 62573 | $4,730 | $4,730 | $4,730 | $4,730 | $4,730 |
Source: Ownwell