Steeleville, Illinois Property Taxes
The median property tax rate in Steeleville, IL is 1.99%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Steeleville at $77,828, the typical annual property tax bill reaches $1,318, exceeding the national median of $2,690. Property taxes in Steeleville are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Steeleville'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 Steeleville 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
Steeleville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$1,549
$1,513
Ownwell’s Steeleville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steeleville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steeleville 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 Steeleville, Illinois
Property taxes in Steeleville, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steeleville is 1.99%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Steeleville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steeleville 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 Steeleville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62288 zip code has both the highest and lowest median property tax rate of 1.99%. Understanding how these cities compare with Steeleville 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 Steeleville Tax Rate
1.99%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Steeleville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62288 | 1.51% | 1.79% | 1.99% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Steeleville, Illinois
In Steeleville, 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 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 Steeleville, 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 Steeleville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Steeleville is $1,318, found in the 62288 zip code, which is also the lowest median tax bill.
Average Steeleville Assessed Value
$77,828
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 Steeleville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62288 | $10,062 | $48,281 | $77,828 | $169,800 | $185,396 |
Source: Ownwell
Property Tax Bills Across Steeleville, Illinois
In Steeleville, Randolph County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in Steeleville can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $845, while at the 75th percentile, it rises to $3,316. The 90th percentile tax bill reaches $3,680. These figures show a wide range of property tax obligations, influenced by factors such as property size, location, and improvements. The median home price in Steeleville is $77,828, which plays a crucial role in determining the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, homeowners in Steeleville may find their tax bills to be relatively moderate or high, depending on their property's assessed value. This variability can significantly impact homeowners' financial planning and overall cost of living in Steeleville.
Average Steeleville Tax Bill
$1,318
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Steeleville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62288 | $200 | $845 | $1,318 | $3,316 | $3,680 |
Source: Ownwell