Smithshire, Illinois Property Taxes
The median property tax rate in Smithshire, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Smithshire, the typical annual property tax bill reaches $1,671, exceeding the national median of $2,690. Property taxes in Smithshire 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 Smithshire'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 Smithshire 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
Smithshire, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$1,786
$1,745
Ownwell’s SMITHSHIRE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SMITHSHIRE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SMITHSHIRE 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 Smithshire, Illinois
Property taxes in Smithshire, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithshire is 2.53%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smithshire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithshire 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 Smithshire's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61478 zip code has both the highest and lowest median property tax rate of 2.53%. Understanding how these cities compare with Smithshire provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithshire Tax Rate
2.53%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61478 | 1.61% | 1.95% | 2.53% | 2.53% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Smithshire, Illinois
In Smithshire, 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 Warren County Assessor 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 Smithshire, 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. Notably, the median home price in Smithshire is $70,590, with tax bills ranging from $1,335 at the 25th percentile to $1,761 at the 90th percentile. The highest and lowest median tax bills are both $1,671, found in the 61478 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithshire Assessed Value
$70,590
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61478 | $66,774 | $68,205 | $70,590 | $71,565 | $72,150 |
Source: Ownwell
Property Tax Bills Across Smithshire, Illinois
In Smithshire, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $70,590, the assessed value forms the basis for the tax calculation. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions. Homeowners in Smithshire see tax bills that vary significantly; the 25th percentile tax bill is around $1,335, while the 75th percentile reaches $1,727. At the 90th percentile, some homeowners face tax bills as high as $1,761. Compared to the national median property tax rate of 0.99%, Smithshire's property taxes can significantly impact homeowners, especially when considering the relatively modest median home price. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Smithshire Tax Bill
$1,671
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithshire, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61478 | $1,133 | $1,335 | $1,671 | $1,727 | $1,761 |
Source: Ownwell