Claremont, Illinois Property Taxes
The median property tax rate in Claremont, IL is 1.88%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Claremont at $133,380, the typical annual property tax bill reaches $2,420, slightly below the national median of $2,690. Property taxes in Claremont 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 Claremont'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 Claremont or another part of Richland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Claremont, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$2,508
$2,327
Ownwell’s Claremont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Claremont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Claremont 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 Claremont, Illinois
Property taxes in Claremont, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Claremont is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Claremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Claremont 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 Claremont's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62421 zip code has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these areas compare with Claremont provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Claremont Tax Rate
1.88%
Average Richland County Tax Rate
1.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | 1.27% | 1.68% | 1.88% | 2.05% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Claremont, Illinois
In Claremont, 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 Richland 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 Claremont, 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 Claremont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62421 has the highest and lowest median tax bill at $2,420, which can vary significantly depending on individual circumstances.
Average Claremont Assessed Value
$133,380
Average Richland County Assessed Value
$112,318
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | $39,054 | $79,230 | $133,380 | $195,749 | $285,446 |
Source: Ownwell
Property Tax Bills Across Claremont, Illinois
In Claremont, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. For instance, the median home price in Claremont is $133,380. Property tax rates in the area are influenced by various factors, including local government budgets and the specific services funded by property taxes, such as schools and public safety. Homeowners in Claremont can expect a range of tax bills depending on their property's assessed value. At the 25th percentile, property tax bills are around $1,415, while at the 75th percentile, they rise to $3,636. The tax bill can go as high as $5,971 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Claremont's property tax rates can significantly affect homeowners' annual expenses, making it crucial for property owners to understand how their tax bills are determined and what they are funding.
Average Claremont Tax Bill
$2,420
Average Richland County Tax Bill
$2,107
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Claremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62421 | $651 | $1,415 | $2,420 | $3,636 | $5,971 |
Source: Ownwell