Tower Hill, Shelby County, Illinois Property Taxes

Name: Property Tax Bills Across Tower Hill, Shelby County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Tower Hill, IL effective property tax rate: 2.35%, significantly higher than the national median of 1.02% and on par with the Illinois state median of 2.35%.
Median Tower Hill, IL home value: $81,416
Median annual Tower Hill, IL tax bill: $1,998, $402 lower than the national median property tax bill of $2,400.

How are property taxes in Shelby calculated?

Property taxes in Tower Hill, 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 Tower Hill’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Tower Hill, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Tower Hill, Shelby County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.35%

Estimate Property Tax Bill

$1,913

$1,775

Ownwell’s Tower Hill Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tower Hill with just two data points. By entering your property's estimated assessed value, our calculator applies Tower Hill’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 Tower Hill, Shelby County, Illinois

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Below, you can compare Tower Hill’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Tower Hill, located in Shelby County, experiences a property tax rate of 2.35%, which is significantly higher than the national median of 1.02%. This disparity reflects the varied tax landscapes across the nation. The median property tax bill in Tower Hill aligns closely with the highest and lowest rates within the area, as both are also at 2.35%. Such rates highlight the importance of understanding local tax obligations, which can impact property owners substantially. With Illinois having one of the highest property tax rates in the nation, property owners in Tower Hill should explore potential exemptions and appeals to manage their tax responsibilities effectively.

Property Tax Rates Across Tower Hill, Shelby County, Illinois

Source: Ownwell

1.82%

2.19%

2.57%

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 Tower Hill Taxx Rate

2.35%

Median Effective Shelby County Taxx Rate

2.20%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Tower Hill, Shelby County, 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, Shelby County, Illinois

When examining property taxes in Tower Hill, IL, 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.

In Shelby County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Tower Hill. For example, the median home price in Tower Hill is $81,416, with tax bills ranging significantly across the county. 62571 has the highest median home price at $81,416.

Property Tax Assessment Values Across Tower Hill, Shelby County, Illinois

Source: Ownwell

$65,006

$147,534

$230,062

Median Tower Hill Market Value

$81,416

Median Shelby County Market Value

$99,420

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Tower Hill, Shelby County, 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, Shelby County, Illinois

In Tower Hill, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This value is a percentage of the property's market value. Homeowners in Tower Hill, located in Shelby County, experience a median property tax bill of $1,998. This is below the national median property tax bill of $2,400, offering some relief to residents. However, tax bills can vary significantly; for instance, those at the 25th percentile pay around $801, while those at the 90th percentile face bills as high as $4,658. Several factors influence these variations, including changes in property value, local tax rates, and specific exemptions or deductions applicable to the homeowner. Managing these costs can be challenging, but that's where Ownwell steps in. By providing expert property tax appeal and exemption services, Ownwell helps homeowners identify potential savings and reduce their tax burden, ensuring they pay only their fair share.

Property Tax Bills Across Tower Hill, Shelby County, Illinois

Source: Ownwell

$1,295

$3,351

$5,407

Median Tower Hill Tax Bill

$1,998

Median Shelby County Tax Bill

$2,114

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Tower Hill, Shelby County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62571	$367	$801	$1,998	$3,142	$4,658

Source: Ownwell