Shannon, Illinois Property Taxes
The median property tax rate in Shannon, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shannon, the typical annual property tax bill reaches $3,707, exceeding the national median of $2,690. Property taxes in Shannon 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 Shannon'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 Shannon or another part of Stephenson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shannon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.65%
Estimate Property Tax Bill
$3,705
$3,438
Ownwell’s Shannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon 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 Shannon, Illinois
Property taxes in Shannon, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shannon set these rates annually, and they can vary across different neighborhoods. Each year, Shannon 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 Shannon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61078 zip code has the highest median property tax rate of 2.65%, while the same zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Shannon provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shannon Tax Rate
2.65%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | 2.65% | 2.65% | 2.65% | 2.65% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Shannon, Illinois
In Shannon, 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 Shannon, 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. Shannon's median home price is $139,812, and the median property tax bill stands at $3,707. Both the highest and lowest median tax bills in the area are also $3,707, specifically in the 61078 zip code. 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 Shannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shannon Assessed Value
$139,812
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $139,812 | $139,812 | $139,812 | $139,812 | $139,812 |
Source: Ownwell
Property Tax Bills Across Shannon, Illinois
In Shannon, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $139,812, the tax bill can be quite substantial. Homeowners in Shannon face a median property tax bill of $3,707, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local government budgets, and specific levies for public services such as schools and infrastructure. This high tax burden can impact homeowners by increasing their annual expenses, potentially affecting affordability and long-term financial planning. Understanding these factors is crucial for homeowners to anticipate their financial obligations and manage their budgets effectively.
Average Shannon Tax Bill
$3,707
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61078 | $3,707 | $3,707 | $3,707 | $3,707 | $3,707 |
Source: Ownwell