Putnam, Illinois Property Taxes
The median property tax rate in Putnam, IL is 2.61%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Putnam at $117,537, the typical annual property tax bill reaches $3,075, surpassing the national median of $2,690. Property taxes in Putnam 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 Putnam'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 Putnam or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Putnam, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$3,068
$2,847
Ownwell’s Putnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam 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 Putnam, Illinois
Property taxes in Putnam, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam is 2.61%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Putnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam 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 Putnam's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61560 zip code has the highest median property tax rate of 2.61%, while the same zip code also has the lowest median tax rate of 2.61%. Understanding how these areas compare with Putnam provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Putnam Tax Rate
2.61%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam, 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, Illinois
In Putnam, 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 local 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 Putnam, 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 Putnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Putnam is $117,537, with the highest median tax bill being $3,075 in the 61560 zip code.
Average Putnam Assessed Value
$117,537
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam, 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, Illinois
In Putnam, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Putnam can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $1,794, while the 75th percentile climbs to $5,018, and the 90th percentile reaches $6,934. These variations are influenced by factors such as property size, location, and improvements. The median home price in Putnam is $117,537, and the property tax rate in the area is higher than the national median of 0.99%, reflecting the local government's need for revenue to fund public services. Homeowners in the zip code 61560 experience the highest median tax bill at $3,075. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly, ensuring they are prepared for the financial responsibilities associated with property ownership in Putnam.
Average Putnam Tax Bill
$3,075
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam, 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