Standard City, Illinois Property Taxes
The median property tax rate in STANDARD CITY, IL is 1.64%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in STANDARD CITY, the typical annual property tax bill reaches $804, which is significantly below the national median of $2,690. Property taxes in STANDARD CITY 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 STANDARD CITY'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 STANDARD CITY 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
Standard City, 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 STANDARD CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in STANDARD CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in STANDARD CITY 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 Standard City, Illinois
Property taxes in STANDARD CITY, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in STANDARD CITY is 1.64%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within STANDARD CITY set these rates annually, and they can vary significantly across different neighborhoods. Each year, STANDARD CITY 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 STANDARD CITY's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62640 has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these cities compare with STANDARD CITY provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Standard City Tax Rate
1.64%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Standard City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62640 | 0.79% | 1.23% | 1.64% | 2.15% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Standard City, Illinois
In STANDARD CITY, 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 Macoupin 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 STANDARD CITY, 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 STANDARD CITY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $59,307, with the highest median tax bill of $804 found in zip code 62640.
Average Standard City Assessed Value
$59,307
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Standard City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62640 | $16,424 | $38,128 | $59,307 | $76,102 | $110,129 |
Source: Ownwell
Property Tax Bills Across Standard City, Illinois
In STANDARD CITY, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners, this means that higher property values generally result in higher tax bills. For instance, the median home price in STANDARD CITY is $59,307, and property tax bills range widely. The 25th percentile tax bill is $393, while the 75th percentile reaches $1,165. At the higher end, the 90th percentile tax bill is $1,843. Comparatively, Macoupin County's highest and lowest median tax bills both stand at $804, indicating a relatively consistent tax rate within the region. Understanding these factors helps homeowners anticipate their tax liabilities and plan accordingly, ensuring they are not caught off guard by their annual property tax bill.
Average Standard City Tax Bill
$804
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Standard City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62640 | $152 | $393 | $804 | $1,165 | $1,843 |
Source: Ownwell