Mount Sterling, Illinois Property Taxes
The median property tax rate in Mount Sterling, IL is 2.35%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mount Sterling at $176,661, the typical annual property tax bill reaches $4,158, exceeding the national median of $2,690. Property taxes in Mount Sterling 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 Mount Sterling'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 Mount Sterling 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
Mount Sterling, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,152
$3,853
Ownwell’s Mount Sterling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sterling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sterling 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 Mount Sterling, Illinois
Property taxes in Mount Sterling, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Sterling is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mount Sterling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sterling 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 Mount Sterling's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62353 zip code has the highest median property tax rate of 2.35%, while the same 62353 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Mount Sterling provides valuable insights into the varying tax landscape across Brown County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sterling Tax Rate
2.35%
Average Schuyler County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | 2.35% | 2.35% | 2.35% | 2.35% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sterling, Illinois
In Mount Sterling, 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 Mount Sterling, 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 Mount Sterling helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $4,158, found in the 62353 zip code.
Average Mount Sterling Assessed Value
$176,661
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 Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $176,661 | $176,661 | $176,661 | $176,661 | $176,661 |
Source: Ownwell
Property Tax Bills Across Mount Sterling, Illinois
In Mount Sterling, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $176,661, homeowners can expect a tax bill around $4,158, which is consistent across various percentiles in the area. Several factors influence the assessed value, including the property's location, size, and condition. Local government budgets and public service funding requirements also play a significant role in determining the tax rate. Compared to the national median property tax rate of 0.99%, Mount Sterling's rate results in a higher tax bill, reflecting the community's specific financial needs. For homeowners, these property taxes contribute to essential services like schools, infrastructure, and emergency services. However, the relatively high tax bill can be a significant financial consideration, impacting decisions related to buying or selling property in the area.
Average Mount Sterling Tax Bill
$4,158
Average Schuyler County Tax Bill
$1,400
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sterling, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62353 | $4,158 | $4,158 | $4,158 | $4,158 | $4,158 |
Source: Ownwell