Winchester, Illinois Property Taxes
The median property tax rate in Winchester, IL is 2.44%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Winchester, the typical annual property tax bill reaches $1,008, exceeding the national median of $2,690. Property taxes in Winchester 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 Winchester'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 Winchester 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
Winchester, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$1,006
$983
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Illinois
Property taxes in Winchester, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winchester is 2.44%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62694 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with Winchester 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 Winchester Tax Rate
2.44%
Average Morgan County Tax Rate
3.18%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | 2.44% | 2.44% | 2.44% | 2.44% | 2.44% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Winchester, Illinois. 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 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 Winchester, 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. Winchester's highest and lowest median tax bills are both $1008, found in the 62694 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winchester Assessed Value
$41,220
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 Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | $41,220 | $41,220 | $41,220 | $41,220 | $41,220 |
Source: Ownwell
Property Tax Bills Across Winchester, Illinois
In Winchester, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is then multiplied by the local tax rate to calculate the tax bill. In Winchester, the median home price is $41,220, and the tax rate is significantly higher than the national median property tax rate of 0.99%. Homeowners in this area can expect a median tax bill of $1,008, which is consistent across various percentiles, indicating a uniform tax structure. Several factors influence this tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this tax bill represents a substantial annual expense, especially when compared to the relatively low median home price. This high tax rate can affect homeowners' financial planning and the overall affordability of owning property in Winchester. Understanding these factors is crucial for homeowners to manage their expenses and plan for future property-related costs.
Average Winchester Tax Bill
$1,008
Average Morgan County Tax Bill
$1,473
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62694 | $1,008 | $1,008 | $1,008 | $1,008 | $1,008 |
Source: Ownwell