Witt, Illinois Property Taxes
The median property tax rate in Witt, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Witt, the typical annual property tax bill reaches $2,449, slightly below the national median of $2,690. Property taxes in Witt 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 Witt'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 Witt 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
Witt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$2,495
$2,438
Ownwell’s Witt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Witt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Witt 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 Witt, Illinois
Property taxes in Witt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Witt is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Witt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Witt 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 Witt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62094 zip code has both the highest and lowest median property tax rate of 2.46%. Understanding how these cities compare with Witt 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 Witt Tax Rate
2.46%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Witt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62094 | 1.73% | 2.20% | 2.46% | 2.84% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Witt, Illinois
In Witt, 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 Assessor's Office 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 Witt, 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 Witt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Witt are both $2,449, found in the zip code 62094.
Average Witt Assessed Value
$101,404
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 Witt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62094 | $31,500 | $59,968 | $101,404 | $170,302 | $197,703 |
Source: Ownwell
Property Tax Bills Across Witt, Illinois
In WITT, located in Montgomery County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor. The assessed value is a percentage of the market value of the home. This figure is then multiplied by the local tax rate to determine the annual property tax bill. For context, the national median property tax rate is 0.99%. Several factors influence the assessed value, including the property's location, size, and condition. In WITT, the median home price is $101,404. Property tax bills can vary significantly, with the 25th percentile at $1,480 and the 75th percentile reaching $4,358. The 90th percentile sees even higher tax bills, around $5,304. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to community development and maintenance. Homeowners in WITT should be aware of these factors to better understand their property tax obligations and how they compare to the national landscape.
Average Witt Tax Bill
$2,449
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Witt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62094 | $879 | $1,480 | $2,449 | $4,358 | $5,304 |
Source: Ownwell