Topeka, Illinois Property Taxes
The median property tax rate in Topeka, IL is 2.91%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Topeka at $79,452, the typical annual property tax bill reaches $1,930, which is below the national median of $2,690. Property taxes in Topeka 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 Topeka'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 Topeka 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
Topeka, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$2,312
$2,146
Ownwell’s Topeka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topeka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topeka 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 Topeka, Illinois
Property taxes in Topeka, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Topeka is 2.91%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Topeka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Topeka 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 Topeka's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61567 zip code has both the highest and lowest median property tax rate of 2.91%. Understanding how these cities compare with Topeka provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Topeka Tax Rate
2.91%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topeka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61567 | 2.23% | 2.68% | 2.91% | 3.19% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across Topeka, Illinois
In Topeka, 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 Mason 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 Topeka, 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 Topeka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Topeka is $79,452, with the 25th percentile tax bill at $730 and the 75th percentile tax bill at $3,423. The highest and lowest median tax bills are both $1,930, found in the 61567 zip code.
Average Topeka Assessed Value
$79,452
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Topeka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61567 | $10,538 | $27,801 | $79,452 | $112,954 | $169,620 |
Source: Ownwell
Property Tax Bills Across Topeka, Illinois
In Topeka, Mason County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For homeowners, this means their tax bill is directly influenced by the valuation of their property. The median home price in Topeka is $79,452. Property taxes in this region can vary significantly, with the 25th percentile tax bill at $730 and the 75th percentile reaching $3,423. The highest median tax bill in the area is $1,930, which is also the lowest, indicating a uniform tax rate in that particular zip code (61567). Several factors contribute to the final tax bill, including local tax rates, assessment ratios, and any applicable exemptions. For homeowners, a higher assessed value translates to a higher tax bill, which can impact affordability and budget planning. Compared to the national median property tax rate of 0.99%, the property tax rate in Topeka can be seen as relatively moderate, but it still requires careful consideration for financial planning.
Average Topeka Tax Bill
$1,930
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Topeka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61567 | $341 | $730 | $1,930 | $3,423 | $4,831 |
Source: Ownwell