Tower Hill, Illinois Property Taxes
The median property tax rate in Tower Hill, IL is 2.35%, considerably higher than the national median of 0.99%. With the median home value in Tower Hill at $81,416, the typical annual property tax bill reaches $1,998, which is below the national median of $2,690. Property taxes in Tower Hill 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 Tower Hill'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 Tower Hill or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tower Hill, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$1,913
$1,775
Ownwell’s Tower Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tower Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tower Hill 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 Tower Hill, Illinois
Property taxes in Tower Hill, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tower Hill is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Tower Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tower Hill 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 Tower Hill's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62571 zip code has the highest median property tax rate of 2.35%, while the 62571 zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Tower Hill 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 Tower Hill Tax Rate
2.35%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tower Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62571 | 1.39% | 1.95% | 2.35% | 2.85% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Tower Hill, Illinois
In Tower Hill, 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 Tower Hill, 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 Tower Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tower Hill is $81,416, with tax bills ranging from $801 at the 25th percentile to $4,658 at the 90th percentile. The highest and lowest median tax bills are both $1,998 in zip code 62571.
Average Tower Hill Assessed Value
$81,416
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 Tower Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62571 | $15,404 | $40,192 | $81,416 | $129,142 | $182,922 |
Source: Ownwell
Property Tax Bills Across Tower Hill, Illinois
In Tower Hill, Shelby County, IL, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of the market value of your property. For instance, if your home is valued at the median home price of $81,416, the tax rate is applied to this assessed value to determine your annual tax bill. Factors such as property size, location, and improvements can influence this assessed value. Homeowners in Tower Hill can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $801, while the 75th percentile reaches up to $3,142, and the 90th percentile peaks at $4,658. This range highlights the variability in tax burdens depending on individual property characteristics. With the highest median tax bill in the area being $1,998, homeowners should be prepared for how these taxes can impact their annual budgets, especially when compared to the national median property tax rate of 0.99%.
Average Tower Hill Tax Bill
$1,998
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tower Hill, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62571 | $367 | $801 | $1,998 | $3,142 | $4,658 |
Source: Ownwell