Chapin, Illinois Property Taxes
The median property tax rate in Chapin, Illinois is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chapin, the typical annual property tax bill reaches $1,117, exceeding the national median of $2,690. Property taxes in Chapin 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 Chapin'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 Chapin 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
Chapin, 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 Chapin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chapin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chapin 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 Chapin, Illinois
Property taxes in Chapin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chapin is 2.30%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chapin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chapin 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 Chapin's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62628 has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Chapin provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chapin Tax Rate
2.30%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chapin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62628 | 2.00% | 2.26% | 2.30% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Chapin, Illinois
In Chapin, 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 Morgan 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 Chapin, 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 Chapin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,117, found in the 62628 zip code.
Average Chapin Assessed Value
$47,775
Average Morgan County Assessed Value
$54,570
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chapin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62628 | $9,561 | $21,248 | $47,775 | $68,318 | $97,077 |
Source: Ownwell
Property Tax Bills Across Chapin, Illinois
In Chapin, located in Morgan County, IL, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of the market value. Homeowners in Chapin can expect their property tax bills to be influenced by several factors, including the assessed value of their property and the local tax rate. The median home price in Chapin is $47,775, and the property tax rate in Morgan County is comparable to the national median property tax rate of 0.99%. Homeowners in Chapin might see a range in their tax bills. For instance, the 25th percentile tax bill is $811, while the 75th percentile tax bill is $1,466, and the 90th percentile tax bill can go up to $2,330. This variation is due to differences in property values and the specific tax rates applied. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Chapin Tax Bill
$1,117
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chapin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62628 | $228 | $811 | $1,117 | $1,466 | $2,330 |
Source: Ownwell