Frederick, Illinois Property Taxes
The median property tax rate in Frederick, Illinois is 2.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Frederick, the typical annual property tax bill reaches $816, which is lower than the national median of $2,690. Property taxes in Frederick 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 Frederick'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 Frederick 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
Frederick, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$944
$876
Ownwell’s Frederick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frederick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frederick 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 Frederick, Illinois
Property taxes in Frederick, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frederick is 2.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Frederick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frederick 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 Frederick's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62639 has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Frederick provides valuable insights into the varying tax landscape across Schuyler County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frederick Tax Rate
2.01%
Average Schuyler County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frederick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62639 | 0.99% | 1.46% | 2.01% | 2.50% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Frederick, Illinois
In Frederick, 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 assessment authority 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 Frederick, 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 Frederick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62639 in Frederick reports the highest and lowest median tax bills, both at $816.
Average Frederick Assessed Value
$46,965
Average Schuyler County Assessed Value
$67,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frederick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62639 | $10,065 | $26,592 | $46,965 | $102,207 | $171,685 |
Source: Ownwell
Property Tax Bills Across Frederick, Illinois
In Frederick, located in Schuyler County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Frederick is $46,965. Local tax authorities then apply the tax rate to this assessed value to determine the annual tax bill. Factors influencing the tax bill include property size, location, and any applicable exemptions. For homeowners in Frederick, the tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $338, while at the 75th percentile, it rises to $2,092. The 90th percentile tax bill reaches $3,039. These variations highlight the impact of different property values and assessment practices within the area. Comparatively, the national median property tax rate is 0.99%, which can serve as a benchmark for understanding local tax burdens. For Frederick homeowners, understanding these factors is crucial for financial planning and ensuring they are not overpaying on their property taxes.
Average Frederick Tax Bill
$816
Average Schuyler County Tax Bill
$1,400
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Frederick, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62639 | $146 | $338 | $816 | $2,092 | $3,039 |
Source: Ownwell