Chambersburg, Illinois Property Taxes
The median property tax rate in Chambersburg, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chambersburg, the typical annual property tax bill reaches $1,295, exceeding the national median of $2,690. Property taxes in Chambersburg 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 Chambersburg'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 Chambersburg 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
Chambersburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$1,461
$1,428
Ownwell’s Chambersburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chambersburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chambersburg 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 Chambersburg, Illinois
Property taxes in Chambersburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chambersburg is 2.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Chambersburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chambersburg 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 Chambersburg's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62323 has the highest median property tax rate of 2.32%, while the same zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with Chambersburg provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chambersburg Tax Rate
2.32%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | 1.26% | 1.88% | 2.32% | 2.63% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Chambersburg, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Chambersburg, 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 local 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 Chambersburg, 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. For example, the highest median tax bill in the area is $1,295 in the 62323 zip code, while the lowest is also $1,295 in the same 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 Chambersburg Assessed Value
$62,970
Average Pike County Assessed Value
$72,180
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | $13,014 | $31,410 | $62,970 | $107,460 | $157,866 |
Source: Ownwell
Property Tax Bills Across Chambersburg, Illinois
In Chambersburg, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $62,970, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property improvements, market conditions, and neighborhood trends can influence the assessed value. Homeowners in Chambersburg experience a range of property tax bills. The 25th percentile tax bill is around $555, while the 75th percentile reaches $2,506, and the 90th percentile can be as high as $3,687. These figures illustrate the variability in property tax burdens within the area. Compared to the national median property tax rate of 0.99%, Chambersburg's rates reflect both the local economic conditions and public service funding needs. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Chambersburg Tax Bill
$1,295
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chambersburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62323 | $202 | $555 | $1,295 | $2,506 | $3,687 |
Source: Ownwell