Stonefort, Illinois Property Taxes
The median property tax rate in Stonefort, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stonefort at $59,330, the typical annual property tax bill reaches $1,780, exceeding the national median of $2,690. Property taxes in Stonefort 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 Stonefort'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 Stonefort 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
Stonefort, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$1,578
$1,465
Ownwell’s Stonefort Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Stonefort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stonefort 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 Stonefort, Illinois
Property taxes in Stonefort, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stonefort is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stonefort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stonefort 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 Stonefort's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62987 zip code has both the highest and lowest median property tax rate of 2.66%. Understanding how these cities compare with Stonefort provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stonefort Tax Rate
2.66%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | 0.91% | 2.04% | 2.66% | 3.18% | 4.51% |
Source: Ownwell
Property Tax Assessment Values Across Stonefort, Illinois
In Stonefort, 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 Stonefort, 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 Stonefort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 62987 has the highest and lowest median tax bill at $1,780.
Average Stonefort Assessed Value
$59,330
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | $5,726 | $19,819 | $59,330 | $119,750 | $169,663 |
Source: Ownwell
Property Tax Bills Across Stonefort, Illinois
Property tax bills in Stonefort, located in Saline County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. In Stonefort, homeowners can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $607, while the 75th percentile reaches up to $3,352. At the higher end, the 90th percentile tax bill can be as much as $5,162. These figures are influenced by several factors, including property size, location, and any applicable exemptions or deductions. With a median home price of $59,330, the property tax rates in Stonefort may seem steep compared to the national median property tax rate of 0.99%. Higher property taxes can impact homeowners by increasing their annual expenses, which is crucial for budgeting and financial planning.
Average Stonefort Tax Bill
$1,780
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stonefort, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62987 | $118 | $607 | $1,780 | $3,352 | $5,162 |
Source: Ownwell