Chatham, Illinois Property Taxes
The median property tax rate in Chatham, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Chatham at $204,646, the typical annual property tax bill reaches $4,659, exceeding the national median of $2,690. Property taxes in Chatham 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 Chatham'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 Chatham 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
Chatham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$4,727
$4,619
Ownwell’s Chatham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatham 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 Chatham, Illinois
Property taxes in Chatham, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatham is 2.31%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chatham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatham 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 Chatham's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62629 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Chatham provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatham Tax Rate
2.31%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | 1.97% | 2.19% | 2.31% | 2.40% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Chatham, Illinois
In Chatham, 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 Sangamon 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 Chatham, 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 Chatham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Chatham are both $4,659, found in the 62629 zip code.
Average Chatham Assessed Value
$204,646
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $113,579 | $141,808 | $204,646 | $267,964 | $333,777 |
Source: Ownwell
Property Tax Bills Across Chatham, Illinois
In Chatham, Sangamon County, IL, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Chatham can expect a median property tax bill of $4,659, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, properties in the 25th percentile have tax bills around $3,119, while those in the 75th percentile face bills as high as $6,336. The 90th percentile sees tax bills reaching up to $8,020. These property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their ability to afford other expenses. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Chatham Tax Bill
$4,659
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $2,361 | $3,119 | $4,659 | $6,336 | $8,020 |
Source: Ownwell