Swansea, Illinois Property Taxes
The median property tax rate in Swansea, IL is 2.51%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Swansea, the typical annual property tax bill reaches $3,493, exceeding the national median of $2,690. Property taxes in Swansea 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 Swansea'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 Swansea 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
Swansea, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.51%
Estimate Property Tax Bill
$3,608
$3,348
Ownwell’s Swansea Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swansea with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swansea 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 Swansea, Illinois
Property taxes in Swansea, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swansea is 2.51%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Swansea set these rates annually, and they can vary across different neighborhoods. Each year, Swansea 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 Swansea's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62226 zip code has the highest median property tax rate of 2.51%, while the same zip code also has the lowest median tax rate of 2.51%. Understanding how these areas compare with Swansea provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Swansea Tax Rate
2.51%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swansea, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62226 | 1.85% | 2.21% | 2.51% | 2.78% | 2.95% |
Source: Ownwell
Property Tax Assessment Values Across Swansea, Illinois
In Swansea, 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 St. Clair County Assessor's Office 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 Swansea, 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. For instance, in Swansea, the median home price is $143,751, with tax bills ranging from $2,231 at the 25th percentile to $7,038 at the 90th percentile. The zip code with the highest median tax bill is 62226, with a median tax bill of $3,493. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Swansea Assessed Value
$143,751
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Swansea, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62226 | $72,143 | $98,376 | $143,751 | $204,033 | $285,225 |
Source: Ownwell
Property Tax Bills Across Swansea, Illinois
Property tax bills in Swansea, located in St. Clair County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For example, if the median home price in Swansea is $143,751, the assessed value would be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Swansea, property tax bills can vary significantly; the 25th percentile tax bill is $2,231, while the 75th percentile reaches $4,988, and the 90th percentile can be as high as $7,038. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. These property taxes fund essential public services like schools, emergency services, and infrastructure, directly impacting homeowners' financial obligations and community resources.
Average Swansea Tax Bill
$3,493
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Swansea, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62226 | $1,539 | $2,231 | $3,493 | $4,988 | $7,038 |
Source: Ownwell