Butler, Illinois Property Taxes
The median property tax rate in Butler, IL is 2.50%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Butler, the typical annual property tax bill reaches $2,837, exceeding the national median of $2,690. Property taxes in Butler 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 Butler'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 Butler 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
Butler, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.5%
Estimate Property Tax Bill
$2,591
$2,531
Ownwell’s Butler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Butler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Butler 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 Butler, Illinois
Property taxes in Butler, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Butler is 2.17%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Butler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Butler 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 Butler's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest median property tax rate in the region is 2.17%, while the lowest median tax rate is also 2.17%, both found in the zip code 62015. Understanding how these cities compare with Butler provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Butler Tax Rate
2.50%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Butler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62015 | 1.29% | 2.03% | 2.50% | 2.72% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Butler, Illinois
In Butler, 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 Montgomery 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 Butler, 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 Butler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Butler is $103,620, with tax bills ranging widely. The 25th percentile tax bill is $1,398, while the 75th percentile reaches $4,309, and the 90th percentile hits $5,366. The highest and lowest median tax bills in the area are both $2,837, found in the 62015 zip code.
Average Butler Assessed Value
$103,620
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Butler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62015 | $41,616 | $63,009 | $103,620 | $156,802 | $214,542 |
Source: Ownwell
Property Tax Bills Across Butler, Illinois
In Butler, Montgomery County, IL, property tax bills are determined by multiplying the property's assessed value by the local tax rate. The assessed value is a percentage of the market value, which is then adjusted by any applicable exemptions. The local tax rate in Butler can significantly impact the final tax bill, with rates varying based on the needs of the local government, schools, and other public services. For homeowners, this means that a property with a median home price of $103,620 could see a wide range of tax bills. For instance, the tax bill at the 25th percentile is $1,398, while at the 75th percentile, it rises to $4,309. At the 90th percentile, it can reach as high as $5,366. These variations illustrate how different factors, such as property value assessments and local tax rates, can affect the amount homeowners owe. Comparing this to the national median property tax rate of 0.99%, Butler's rates can be seen as relatively high, potentially placing a significant financial burden on its residents.
Average Butler Tax Bill
$2,837
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Butler, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62015 | $835 | $1,398 | $2,837 | $4,309 | $5,366 |
Source: Ownwell