Westervelt, Illinois Property Taxes
The median property tax rate in Westervelt, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Westervelt, the typical annual property tax bill reaches $366, which is significantly lower than the national median of $2,690. Property taxes in Westervelt 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 Westervelt'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 Westervelt 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
Westervelt, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$366
$340
Ownwell’s Westervelt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westervelt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westervelt 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 Westervelt, Illinois
Property taxes in Westervelt, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westervelt is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Westervelt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westervelt 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 Westervelt's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62565 zip code has both the highest and lowest median property tax rate of 2.19%. Understanding how these cities compare with Westervelt 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 Westervelt Tax Rate
2.19%
Average Shelby County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westervelt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | 2.19% | 2.19% | 2.19% | 2.19% | 2.19% |
Source: Ownwell
Property Tax Assessment Values Across Westervelt, Illinois
In Westervelt, 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 Westervelt, 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 Westervelt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Westervelt is $366, with the highest and lowest median tax bills both found in the 62565 zip code.
Average Westervelt Assessed Value
$16,719
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 Westervelt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | $16,719 | $16,719 | $16,719 | $16,719 | $16,719 |
Source: Ownwell
Property Tax Bills Across Westervelt, Illinois
In Westervelt, Shelby County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Westervelt is $16,719. The tax rate is applied to this assessed value to determine the annual tax bill. For example, homeowners in Westervelt typically face a median property tax bill of $366, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. Several factors influence the property tax bill, including local government budgets, school funding requirements, and public services. Compared to the national median property tax rate of 0.99%, homeowners in Westervelt experience a different financial impact due to local tax rates and property values. This tax bill directly affects homeowners by contributing to the cost of maintaining essential services like public education, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Westervelt Tax Bill
$366
Average Shelby County Tax Bill
$2,114
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Westervelt, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62565 | $366 | $366 | $366 | $366 | $366 |
Source: Ownwell