Shelbyville, Illinois Property Taxes
The median property tax rate in Shelbyville, IL is 2.16%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shelbyville at $98,832, the typical annual property tax bill reaches $2,073, which is below the national median of $2,690. Property taxes in Shelbyville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Shelbyville'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 Shelbyville 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
Shelbyville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.16%
Estimate Property Tax Bill
$2,135
$1,981
Ownwell’s Shelbyville Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Shelbyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelbyville to provide an estimate of 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 Shelbyville, Illinois
Property taxes in Shelbyville, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelbyville is 2.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shelbyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelbyville 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 Shelbyville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62565 zip code has the highest median property tax rate of 2.16%, while the same zip code also has the lowest median tax rate of 2.16%. Understanding how these cities compare with Shelbyville 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 Shelbyville Tax Rate
2.16%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelbyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | 1.48% | 1.91% | 2.16% | 2.47% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Shelbyville, Illinois
In Shelbyville, 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 Shelbyville, 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. Shelbyville has a median home price of $98,832 and a median property tax bill of $2,073 in the 62565 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelbyville Assessed Value
$98,832
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 Shelbyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | $17,032 | $48,025 | $98,832 | $161,275 | $209,629 |
Source: Ownwell
Property Tax Bills Across Shelbyville, Illinois
In Shelbyville, located in Shelby County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For homeowners in Shelbyville, the median home price is $98,832. Property tax rates in this area can vary, but homeowners can expect to pay a median tax bill of $2,073, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $1,105, while at the 75th percentile it rises to $3,391, and at the 90th percentile, it can reach up to $4,608. These variations highlight how different factors can impact the final tax amount. High property taxes can affect homeowners by increasing their annual expenses, making it crucial for them to understand how their tax bill is determined and explore any available exemptions to potentially reduce their financial burden.
Average Shelbyville Tax Bill
$2,073
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelbyville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | $434 | $1,105 | $2,073 | $3,391 | $4,608 |
Source: Ownwell