Standard, Illinois Property Taxes
The median property tax rate in Standard, Illinois is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Standard, the typical annual property tax bill reaches $2,101, exceeding the national median of $2,690. Property taxes in Standard 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 Standard'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 Standard 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
Standard, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$1,196
$1,110
Ownwell’s Standard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Standard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Standard 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 Standard, Illinois
Property taxes in Standard, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Standard is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Standard set these rates annually, and they can vary across different neighborhoods. Each year, Standard 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 Standard's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61363 zip code has the highest median property tax rate of 2.57%, while the lowest median tax rate is also 2.57%. Understanding how these cities compare with Standard provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Standard Tax Rate
2.57%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Standard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61363 | 2.57% | 2.57% | 2.57% | 2.57% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Standard, Illinois
In Standard, 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 Putnam 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 Standard, 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 Standard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61363, with a tax bill of $2101.
Average Standard Assessed Value
$46,548
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 Standard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61363 | $12,222 | $30,555 | $46,548 | $57,002 | $65,366 |
Source: Ownwell
Property Tax Bills Across Standard, Illinois
Property tax bills in Standard, located in Putnam County, IL, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the local assessor's office. Factors such as the property's location, size, and condition can influence its assessed value. In Standard, the median home price is $46,548, and with property tax rates, homeowners can expect a tax bill that ranges significantly. For example, the 25th percentile tax bill is $1,963, while the 75th percentile tax bill is $2,239. The 90th percentile tax bill can go up to $2,322. These figures indicate that property taxes in Standard can vary, but they remain relatively high compared to the national median property tax rate of 0.99%. This variation in tax bills impacts homeowners by affecting their annual financial obligations, which can influence decisions related to property maintenance, improvements, and overall affordability of homeownership in the area.
Average Standard Tax Bill
$2,101
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Standard, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61363 | $1,880 | $1,963 | $2,101 | $2,239 | $2,322 |
Source: Ownwell