Seaton, Illinois Property Taxes
The median property tax rate in Seaton, IL is 2.75%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Seaton at $210,810, the typical annual property tax bill reaches $5,808, far exceeding the national median of $2,690. Property taxes in Seaton 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 Seaton'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 Seaton 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
Seaton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$5,797
$5,380
Ownwell’s Seaton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seaton 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 Seaton, Illinois
Property taxes in Seaton, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Seaton is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Seaton set these rates annually, and they can vary across different neighborhoods. Each year, Seaton 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. Understanding how Seaton's effective property tax rate compares to other areas within Mercer County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seaton Tax Rate
2.75%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seaton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61476 | 2.46% | 2.63% | 2.75% | 2.76% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Seaton, Illinois
In Seaton, 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 Mercer 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 Seaton, 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 Seaton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the 61476 zip code has both the highest and lowest median tax bill at $5,808.
Average Seaton Assessed Value
$210,810
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seaton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61476 | $31,335 | $116,406 | $210,810 | $325,658 | $472,221 |
Source: Ownwell
Property Tax Bills Across Seaton, Illinois
In Seaton, Mercer County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, which in this region is applied to this assessed value, determines the final tax bill. Various factors influence this calculation, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Seaton can expect property tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $2,922, while those at the 75th percentile reach up to $8,606. At the higher end, the 90th percentile tax bill can be as much as $12,168. These figures reflect the diversity in property values and the corresponding tax obligations. Compared to the national median property tax rate of 0.99%, Seaton's property taxes can represent a substantial financial commitment for homeowners. Understanding how these taxes are calculated and the factors involved can help residents better manage their financial planning and property investments.
Average Seaton Tax Bill
$5,808
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Seaton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61476 | $1,036 | $2,922 | $5,808 | $8,606 | $12,168 |
Source: Ownwell