Putnam, Putnam County, Illinois Property Taxes

Name: Property Tax Bills Across Putnam, Putnam County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Putnam, IL effective property tax rate: 2.61%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Putnam, IL home value: $117,537
Median annual Putnam, IL tax bill: $3,075, $675 higher than the national median property tax bill of $2,400.

How are property taxes in Putnam calculated?

Property taxes in Putnam, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Putnam’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Putnam, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Putnam, Putnam County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.61%

Estimate Property Tax Bill

$3,068

$2,847

Ownwell’s Putnam Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Putnam with just two data points.

By entering your property's estimated assessed value, our calculator applies Putnam’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in 17155.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Putnam, Putnam County, Illinois

Local government entities are responsible for setting tax rates, which can vary significantly within Illinois. Each year, counties estimate their budgetary needs to fund essential services and divide that by the total assessed value of all taxable property within their boundaries. This calculation determines the property tax rate. Though the process involves votes and legislation, this is essentially how it works annually. Putnam in Illinois has an effective property tax rate that stands out when compared to other cities in the state. The median property tax rate in Putnam is notably higher than the national median property tax rate of 1.02%. This means that residents in Putnam may face higher property tax bills compared to other parts of the country. Understanding these differences is crucial for property owners who want to manage their expenses effectively. Comparing Putnam's tax rate to the state and national medians provides valuable insight into how local tax policies impact property owners.

Property Tax Rates Across Putnam, Putnam County, Illinois

Source: Ownwell

2.25%

2.43%

2.61%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Putnam Taxx Rate

2.61%

Median Effective Putnam County Taxx Rate

2.42%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Putnam, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61560	2.22%	2.49%	2.61%	2.92%	3.05%

Source: Ownwell

Property Tax Assessment Values Across Putnam, Putnam County, Illinois

When examining property taxes in Putnam, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Putnam County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Putnam County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Putnam.

For example, the median home price in Putnam is $117,537, with tax bills ranging significantly across the county. Zip code 61560 has the highest median home price at $117,537.

Property Tax Assessment Values Across Putnam, Putnam County, Illinois

Source: Ownwell

$63,051

$113,030

$163,008

Median Putnam Market Value

$117,537

Median Putnam County Market Value

$129,800

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Putnam, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61560	$9,054	$24,598	$117,537	$173,901	$248,031

Source: Ownwell

Property Tax Bills Across Putnam, Putnam County, Illinois

In Putnam, IL, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in the area is $117,537, which influences the assessed value. Homeowners in Putnam can expect tax bills that vary significantly, with the 25th percentile at $1,794 and the 75th percentile reaching $5,018. The 90th percentile tax bill climbs to $6,934, indicating a wide range of tax obligations depending on property value and location. The highest and lowest median tax bills in the region both stand at $3,075, which is above the national median property tax bill of $2,400.

Ownwell assists homeowners in Putnam by offering property tax appeal services to potentially lower their tax bills. By analyzing property assessments and identifying discrepancies, Ownwell can challenge overvaluations, ensuring homeowners are not overpaying. With expert guidance, homeowners can achieve significant savings, alleviating the financial burden of high property taxes. This service is particularly beneficial in areas like Putnam, where tax bills can be substantially higher than the national average.

Property Tax Bills Across Putnam, Putnam County, Illinois

Source: Ownwell

$1,976

$2,955

$3,933

Median Putnam Tax Bill

$3,075

Median Putnam County Tax Bill

$3,342

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Putnam, Putnam County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61560	$436	$1,794	$3,075	$5,018	$6,934

Source: Ownwell