Chester, Illinois Property Taxes
The median property tax rate in Chester, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chester, the typical annual property tax bill reaches $1,178, exceeding the national median of $2,690. Property taxes in Chester 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 Chester'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 Chester 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
Chester, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$1,223
$1,134
Ownwell’s Chester Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chester with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chester to provide an estimate of 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 Randolph County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Chester, Illinois
Property taxes in Chester, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chester is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chester 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 Chester's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62233 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Chester provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chester Tax Rate
2.34%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62233 | 1.77% | 1.80% | 2.34% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Chester, Illinois
In Chester, 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 Randolph County Assessor 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 Chester, 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 Chester helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Chester is $1,178 in the 62233 zip code, while the lowest median tax bill is also $1,178 in the same zip code.
Average Chester Assessed Value
$52,245
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62233 | $10,640 | $27,878 | $52,245 | $77,738 | $106,176 |
Source: Ownwell
Property Tax Bills Across Chester, Illinois
In Chester, located in Randolph County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Chester see a range of property tax bills, heavily influenced by the value of their homes and the specific tax rates set by local taxing authorities. For instance, the median home price in Chester is $52,245, and property tax bills can vary significantly. The 25th percentile of tax bills is $509, while the 75th percentile reaches $1,759. At the 90th percentile, tax bills can go up to $2,485. This variability highlights how different factors, such as home value and local tax rates, impact the final tax amount. Compared to the national median property tax rate of 0.99%, Chester's rates can be seen as relatively moderate, providing some relief to homeowners while still funding essential community services.
Average Chester Tax Bill
$1,178
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chester, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62233 | $249 | $509 | $1,178 | $1,759 | $2,485 |
Source: Ownwell