Assumption, Shelby County, Illinois Property Taxes
Median ASSUMPTION, IL effective property tax rate: 2.51%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median ASSUMPTION, IL home value: $109,527
Median annual ASSUMPTION, IL tax bill: $2,347, $53 lower than the national median property tax bill of $2,400.
How are property taxes in Shelby calculated?
Property taxes in ASSUMPTION, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding ASSUMPTION’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in ASSUMPTION, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Assumption, Shelby County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.51%
Estimate Property Tax Bill
$2,749
$2,551
Ownwell’s Assumption Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Assumption with just two data points.
By entering your property's estimated assessed value, our calculator applies Assumption’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Shelby County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Assumption, Shelby County, Illinois
Local government entities set property tax rates, and these can vary significantly within a state. Each year, counties estimate the budget needed to provide essential services and divide this by the total assessed value of all taxable property in their jurisdiction, resulting in the property tax rate. Although votes and laws play a role in determining tax rates and budgets, this is essentially the annual process.
For instance, Assumption in Shelby County, Illinois, has an effective property tax rate that can be compared to other cities in Illinois, as well as the median property tax rates in the state and across the U.S. Illinois has a median property tax rate significantly higher than the national median tax rate of 1.02%, making it one of the states with the highest property tax burdens. This can impact property owners' financial planning and overall affordability of homeownership. Understanding these rates is crucial for property owners to make informed decisions and potentially seek property tax appeals or exemptions to reduce their tax liabilities.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Assumption Tax Rate
2.51%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Shelby County Tax Rate
2.20%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Assumption, Shelby County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | 1.75% | 2.03% | 2.51% | 2.95% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Assumption, Shelby County, Illinois
When examining property taxes in Assumption, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Shelby County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices in Shelby County are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Assumption.
For example, the median home price in Assumption is $109,527, with tax bills ranging significantly across the county. Zip code 62510 has the highest median home price at $109,527.
Property Tax Assessment Values Across Assumption, Shelby County, Illinois
Source: Ownwell
$65,006
$147,534
$230,062
Median Assumption Market Value
$109,527
Median Shelby County Market Value
$99,420
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Assumption, Shelby County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | $24,274 | $57,699 | $109,527 | $159,974 | $205,812 |
Source: Ownwell
Property Tax Bills Across Assumption, Shelby County, Illinois
Property tax bills in Assumption, located in Shelby County, IL, are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Assumption, the tax bill can vary significantly, with the 25th percentile at $1,279 and the 75th percentile reaching $4,531. The median tax bill in the highest and lowest zip code, 62510, is $2,347, which is below the national median of $2,400.
Homeowners in Assumption can be affected by these property taxes as they directly impact the overall cost of owning a home. High property tax bills can strain household budgets and affect affordability. Ownwell offers a solution by providing property tax appeal and exemption services, helping homeowners potentially lower their tax bills. Our expertise in navigating the complexities of property tax assessments allows homeowners to ensure their tax obligations are fair and accurate, ultimately saving them money.
Median Assumption Tax Bill
$2,347
Median Shelby County Tax Bill
$2,114
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Assumption, Shelby County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62510 | $727 | $1,279 | $2,347 | $4,531 | $5,583 |
Source: Ownwell