Staunton, Illinois Property Taxes
The median property tax rate in Staunton, IL is 1.66%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Staunton at $122,042, the typical annual property tax bill reaches $2,044, exceeding the national median of $2,690. Property taxes in Staunton 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 Staunton'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 Staunton 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
Staunton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.66%
Estimate Property Tax Bill
$2,026
$1,980
Ownwell’s Staunton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Staunton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Staunton 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 Staunton, Illinois
Property taxes in Staunton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Staunton is 1.66%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Staunton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Staunton 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 Staunton's effective property tax rate to other regions and the national median. For comparison, the zip code 62088 has the highest median property tax rate of 1.66%, while the lowest median tax rate is also 1.66% in the same zip code. Understanding how these figures compare with Staunton provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Staunton Tax Rate
1.66%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Staunton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62088 | 1.09% | 1.49% | 1.66% | 1.83% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Staunton, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Staunton, Illinois. 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 Madison 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 Staunton, 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 Staunton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Staunton is $2044, occurring in the 62088 zip code, which also has the lowest median tax bill at $2044.
Average Staunton Assessed Value
$122,042
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Staunton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62088 | $26,637 | $55,465 | $122,042 | $240,810 | $315,886 |
Source: Ownwell
Property Tax Bills Across Staunton, Illinois
In Staunton, located in Madison County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value. This percentage is determined by the county assessor and can vary based on the property's characteristics and location. The local tax rate in Staunton is influenced by various factors, including funding requirements for public services such as schools, infrastructure, and emergency services. Homeowners in Staunton experience a range of property tax bills. For instance, the 25th percentile tax bill is $817, while the 75th percentile tax bill reaches $3,892. At the higher end, the 90th percentile tax bill is $5,379. These figures indicate a significant variation in tax burdens, reflecting differences in property values and specific local tax rates. The highest median tax bill in the area is $2,044, found in the 62088 zip code. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Staunton Tax Bill
$2,044
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Staunton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62088 | $433 | $817 | $2,044 | $3,892 | $5,379 |
Source: Ownwell