Harristown, Illinois Property Taxes
The median property tax rate in Harristown, IL is 2.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Harristown, the typical annual property tax bill reaches $1,651, which is below the national median of $2,690. Property taxes in Harristown 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 Harristown'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 Harristown 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
Harristown, 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 Harristown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harristown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harristown 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 Harristown, Illinois
Property taxes in Harristown, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harristown is 2.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Harristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harristown 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 Harristown's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62537 has both the highest and lowest median property tax rate of 2.07%. Understanding how these areas compare with Harristown 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 Harristown Tax Rate
2.07%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harristown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62537 | 1.38% | 1.81% | 2.07% | 2.62% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Harristown, Illinois
In Harristown, 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 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 Harristown, 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 Harristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Harristown is $87,216, with the highest and lowest median tax bills both recorded at $1,651 in the 62537 zip code.
Average Harristown Assessed Value
$87,216
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 Harristown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62537 | $39,193 | $59,208 | $87,216 | $110,837 | $135,680 |
Source: Ownwell
Property Tax Bills Across Harristown, Illinois
In Harristown, Macon County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $87,216, the assessed value is determined by local assessors. The tax rate is then applied to this assessed value to calculate the tax bill. Various factors influence this calculation, including local government budgets, school district funding needs, and public service requirements. Homeowners in Harristown experience tax bills that vary significantly. The 25th percentile tax bill is around $1,034, while the 75th percentile reaches $2,396. The 90th percentile can even rise to $2,876. This range indicates that property taxes can have a substantial impact on household finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Harristown Tax Bill
$1,651
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Harristown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62537 | $723 | $1,034 | $1,651 | $2,396 | $2,876 |
Source: Ownwell