Tremont, Illinois Property Taxes
The median property tax rate in Tremont, IL is 2.30%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Tremont at $175,335, the typical annual property tax bill reaches $3,923, exceeding the national median of $2,690. Property taxes in Tremont 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 Tremont'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 Tremont 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
Tremont, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$4,033
$3,941
Ownwell’s Tremont Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tremont with just two data points. Simply enter your property's estimated assessed value, and the calculator will use the median tax rate in Tremont to provide an estimate of your property tax bill. This valuable tool offers clarity on potential tax liabilities. For those interested in more granular insights, you can find localized information by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations, incorporating any applicable exemptions.
Property Tax Rates Across Tremont, Illinois
Property taxes in Tremont, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tremont is 2.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tremont 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 Tremont's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61568 zip code has the highest median property tax rate of 2.30%, while the same zip code also has the lowest median tax rate of 2.30%. Understanding how these cities compare with Tremont provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tremont Tax Rate
2.30%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61568 | 1.91% | 2.16% | 2.30% | 2.44% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Tremont, Illinois
In Tremont, 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 Tazewell 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 Tremont, 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. The median home price in Tremont is $175,335, with tax bills ranging from $2,790 at the 25th percentile to $7,399 at the 90th percentile. The zip code 61568 has the highest median tax bill of $3,923. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tremont Assessed Value
$175,335
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61568 | $91,320 | $125,760 | $175,335 | $231,562 | $308,295 |
Source: Ownwell
Property Tax Bills Across Tremont, Illinois
In Tremont, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if a home has a median market price of $175,335, the assessed value will determine the actual tax bill. Local tax rates are then applied to this assessed value to calculate the final amount owed. Several factors influence the property tax bill, including the home's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Tremont can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $2,790, while the 75th percentile tax bill reaches $5,304. At the 90th percentile, homeowners might see tax bills as high as $7,399. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Tremont’s tax rates can significantly impact homeowners, making it crucial for them to understand how their tax bills are calculated and what factors contribute to the final amount.
Average Tremont Tax Bill
$3,923
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tremont, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61568 | $1,835 | $2,790 | $3,923 | $5,304 | $7,399 |
Source: Ownwell