Catlin, Illinois Property Taxes
The median property tax rate in Catlin, IL is 2.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Catlin at $115,995, the typical annual property tax bill reaches $2,894, exceeding the national median of $2,690. Property taxes in Catlin 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 Catlin'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 Catlin 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
Catlin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$3,016
$2,799
Ownwell’s Catlin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Catlin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Catlin 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 Catlin, Illinois
Property taxes in Catlin, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Catlin is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Catlin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Catlin 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 Catlin's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61817 has the highest median property tax rate of 2.60%, while the same zip code also has the lowest median tax rate of 2.60%. Understanding how these areas compare with Catlin provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Catlin Tax Rate
2.60%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Catlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61817 | 1.55% | 2.30% | 2.60% | 2.87% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Catlin, Illinois
In Catlin, 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 Vermilion County Assessment 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 Catlin, 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 Catlin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61817, with a median tax bill of $2,894.
Average Catlin Assessed Value
$115,995
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Catlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61817 | $54,997 | $84,696 | $115,995 | $154,881 | $206,784 |
Source: Ownwell
Property Tax Bills Across Catlin, Illinois
In Catlin, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of the home, which is typically a fraction of its market value. The local tax rate is then applied to the assessed value to determine the tax bill. Homeowners in Catlin experience property tax bills that can vary widely, with the 25th percentile at $1,815 and the 75th percentile at $4,069. The 90th percentile sees tax bills reaching as high as $5,775. This variability is influenced by factors such as property size, location, and any applicable exemptions. The median home price in Catlin is $115,995, and with the national median property tax rate at 0.99%, homeowners here may find their tax rates comparatively higher or lower depending on local policies. The highest and lowest median tax bills in the area both stand at $2,894, indicating some level of consistency within certain zip codes. These tax obligations can significantly impact homeowners' finances, affecting their overall cost of living and home affordability.
Average Catlin Tax Bill
$2,894
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Catlin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61817 | $1,053 | $1,815 | $2,894 | $4,069 | $5,775 |
Source: Ownwell