Chillicothe, Illinois Property Taxes
The median property tax rate in Chillicothe, IL is 2.31%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chillicothe at $136,497, the typical annual property tax bill reaches $2,640, just below the national median of $2,690. Property taxes in Chillicothe are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chillicothe'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 Chillicothe 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
Chillicothe, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$3,153
$3,081
Ownwell’s Chillicothe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chillicothe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chillicothe 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 Chillicothe, Illinois
Property taxes in Chillicothe, Illinois, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Chillicothe is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chillicothe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chillicothe 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 Chillicothe's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61523 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these figures compare with Chillicothe provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chillicothe Tax Rate
2.31%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chillicothe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61523 | 1.86% | 2.27% | 2.31% | 2.48% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Chillicothe, Illinois
In Chillicothe, 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 Marshall 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 Chillicothe, 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 Chillicothe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,640.00, found in the 61523 zip code.
Average Chillicothe Assessed Value
$136,497
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chillicothe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61523 | $80,560 | $91,605 | $136,497 | $161,316 | $221,999 |
Source: Ownwell
Property Tax Bills Across Chillicothe, Illinois
In Chillicothe, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and improvements. Homeowners in Chillicothe experience a range in tax bills, with the 25th percentile paying around $1,821 and the 75th percentile paying about $3,852. The highest median tax bill in the area is $2,640, which is significantly higher than the national median property tax rate of 0.99%. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must stay informed about their property's assessed value and any changes in the local tax rate to accurately anticipate their annual tax obligations.
Average Chillicothe Tax Bill
$2,640
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chillicothe, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61523 | $1,484 | $1,821 | $2,640 | $3,852 | $5,824 |
Source: Ownwell