Effingham, Illinois Property Taxes
The median property tax rate in Effingham, IL is 2.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Effingham, the typical annual property tax bill reaches $2,210, which is below the national median of $2,690. Property taxes in Effingham 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 Effingham'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 Effingham 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
Effingham, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.02%
Estimate Property Tax Bill
$2,214
$2,055
Ownwell’s Effingham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Effingham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Effingham 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 Effingham, Illinois
Property taxes in Effingham, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Effingham is 2.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Effingham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Effingham 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 Effingham's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62401 has both the highest and lowest median property tax rate of 2.02%. Understanding how these cities compare with Effingham provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Effingham Tax Rate
2.02%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | 1.73% | 1.92% | 2.02% | 2.29% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Effingham, Illinois
In Effingham, 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 Shelby 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 Effingham, 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 Effingham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62401 has both the highest and lowest median tax bills, each at $2,210.
Average Effingham Assessed Value
$109,617
Average Shelby County Assessed Value
$99,420
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | $2,548 | $36,069 | $109,617 | $154,893 | $209,648 |
Source: Ownwell
Property Tax Bills Across Effingham, Illinois
In Effingham, located in Shelby County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors that influence the assessed value include the property's market value, location, and any improvements made to the property. Homeowners in Effingham can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,337, while the 75th percentile tax bill reaches approximately $3,238. The 90th percentile tax bill can go as high as $4,270. The median home price in Effingham is $109,617, making property taxes a considerable expense for homeowners. Compared to the national median property tax rate of 0.99%, Effingham's property taxes can be quite impactful, especially for homes in higher value brackets. Understanding these factors helps homeowners better anticipate their property tax obligations and plan their finances accordingly.
Average Effingham Tax Bill
$2,210
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Effingham, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62401 | $274 | $1,337 | $2,210 | $3,238 | $4,270 |
Source: Ownwell