Stonefort, Illinois Property Taxes
The median property tax rate in Stonefort, IL is 1.61%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stonefort at $108,180, the typical annual property tax bill reaches $1,564, which is below the national median of $2,690. Property taxes in Stonefort 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 Stonefort'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 Stonefort 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
Stonefort, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$1,742
$1,616
Ownwell’s Stonefort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stonefort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonefort 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 Stonefort, Illinois
Property taxes in Stonefort, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonefort is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stonefort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonefort 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 Stonefort's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62987 zip code has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Stonefort provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stonefort Tax Rate
1.61%
Average Pope County Tax Rate
1.65%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | 0.96% | 1.27% | 1.61% | 1.92% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Stonefort, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stonefort, 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 Pope 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 Stonefort, 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 Stonefort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62987 has the highest median tax bill at $1564, which is above the national median property tax rate of 0.99%.
Average Stonefort Assessed Value
$108,180
Average Pope County Assessed Value
$84,555
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | $35,987 | $54,866 | $108,180 | $156,446 | $196,305 |
Source: Ownwell
Property Tax Bills Across Stonefort, Illinois
In Stonefort, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the market value of the property, any improvements made, and comparable property values in the area. For homeowners in Stonefort, the median home price is $108,180. The property tax bill can range significantly, with the 25th percentile at $859 and the 75th percentile at $2,486. At the 90th percentile, the tax bill can go up to $3,233. This variability means that while some homeowners may find their property taxes manageable, others may face higher financial burdens. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how local rates measure up. In Stonefort, the highest and lowest median tax bills are both recorded at $1,564, indicating consistency within the area. This structured approach ensures that property tax bills reflect both the value of the property and the local economic conditions.
Average Stonefort Tax Bill
$1,564
Average Pope County Tax Bill
$1,262
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | $408 | $859 | $1,564 | $2,486 | $3,233 |
Source: Ownwell