Mount Sterling, Illinois Property Taxes
The median property tax rate in Mount Sterling, IL is 1.21%, which is notably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $108,705 in Mount Sterling, the typical annual property tax bill amounts to $1,899, which is below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Mount Sterling'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 Mount Sterling 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
Mount Sterling, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,315
$1,221
Ownwell’s Mount Sterling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sterling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sterling 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 Mount Sterling, Illinois
Property taxes in Mount Sterling, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 1.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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. Understanding how these rates are determined helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas. For comparison, the highest and lowest median property tax rates in Pike County are both 1.21%, reflecting a uniformity in tax rates within the region. This comparison provides valuable insights into the varying tax landscape across Pike County, helping homeowners better understand their property tax obligations in relation to other areas.
Average Mount Sterling Tax Rate
1.21%
Average Pike County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | 0.31% | 0.65% | 1.21% | 1.77% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Illinois
In MOUNT STERLING, 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 Pike 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 MOUNT STERLING, 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 MOUNT STERLING helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62353 has the highest and lowest median tax bill at $1899, offering a glimpse into the local property tax landscape.
Average Mount Sterling Assessed Value
$108,705
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 Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $67,029 | $82,658 | $108,705 | $134,752 | $150,381 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Illinois
In Mount Sterling, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local authorities determine the assessed value, and then a tax rate, set by the county, is applied. For instance, with a median home price of $108,705, homeowners in Mount Sterling can expect variations in their tax bills. The 25th percentile tax bill is around $973, while the 75th percentile reaches $2,826. At the 90th percentile, the tax bill can go up to $3,382. These figures reflect how different factors such as property value, local tax rates, and applicable exemptions influence the final tax amount. Homeowners in the area should note that the median tax bill in the county is $1,899, which is relatively higher than the national median property tax rate of 0.99%. Consequently, understanding these elements can help homeowners better anticipate and manage their annual property tax obligations.
Average Mount Sterling Tax Bill
$1,899
Average Pike County Tax Bill
$1,317
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $417 | $973 | $1,899 | $2,826 | $3,382 |
Source: Ownwell