Putnam, Illinois Property Taxes
The median property tax rate in Putnam, IL is 1.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Putnam, the typical annual property tax bill reaches $2,392, slightly below the national median of $2,690. Property taxes in Putnam are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Putnam'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 Putnam 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
Putnam, 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 Putnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam 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 Putnam, Illinois
Property taxes in Putnam, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam is 1.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Putnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam 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 Putnam's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61560 zip code has the highest median property tax rate of 1.92%, while the same 61560 zip code also has the lowest median tax rate of 1.92%. Understanding how these areas compare with Putnam 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 Putnam Tax Rate
1.92%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | 1.79% | 1.84% | 1.92% | 2.12% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Putnam, Illinois
In Putnam, 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 local 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 Putnam, 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 Putnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61560, with a median tax bill of $2,392.
Average Putnam Assessed Value
$135,852
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 Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | $75,725 | $98,272 | $135,852 | $195,924 | $231,967 |
Source: Ownwell
Property Tax Bills Across Putnam, Illinois
In Putnam, IL, property tax bills are determined by a combination of the assessed property value and the local tax rate. The assessed value is a percentage of the property's market value, which is periodically evaluated by local tax authorities. For homeowners in Putnam, the median home price stands at $135,852. The tax bill can vary significantly, with the 25th percentile at $1,777 and the 75th percentile at $4,159. The 90th percentile tax bill reaches up to $5,219, illustrating the range of possible tax obligations. Local factors such as school district funding, public services, and municipal budgets play a crucial role in determining the tax rate. Homeowners in the zip code 61560, which includes parts of Putnam, face the highest median tax bill in the county at $2,392. This is notably higher than the national median property tax rate of 0.99%, indicating a greater financial impact on homeowners in this region. Understanding these factors helps homeowners anticipate their annual tax bills and manage their finances accordingly.
Average Putnam Tax Bill
$2,392
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61560 | $1,409 | $1,777 | $2,392 | $4,159 | $5,219 |
Source: Ownwell