Colp, Illinois Property Taxes
The median property tax rate in COLP, IL is 2.28%, considerably higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With the median home value in COLP, the typical annual property tax bill reaches $345, which is significantly lower than the national median of $2,690. Property taxes in COLP 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 COLP'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 COLP 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
Colp, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$537
$525
Ownwell’s COLP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COLP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COLP 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 Williamson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Colp, Illinois
Property taxes in COLP, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in COLP is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within COLP set these rates annually, and they can vary significantly across different neighborhoods. Each year, COLP 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 COLP's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62921 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these areas compare with COLP provides valuable insights into the varying tax landscape across Williamson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colp Tax Rate
2.28%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colp, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62921 | 0.73% | 1.41% | 2.28% | 2.34% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Colp, Illinois
In COLP, 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 Williamson 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 COLP, 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, the zip code 62921 has the highest median tax bill at $345, while the lowest median tax bill is also $345. Being aware of these valuation processes in COLP helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colp Assessed Value
$23,550
Average Williamson County Assessed Value
$85,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colp, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62921 | $3,102 | $6,570 | $23,550 | $46,800 | $75,348 |
Source: Ownwell
Property Tax Bills Across Colp, Illinois
Property tax bills in COLP, located in Williamson County, IL, are determined based on the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price stands at $23,550. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners, tax bills can vary significantly, with the 25th percentile paying around $115, while those in the 75th percentile face bills of approximately $812. At the 90th percentile, tax bills can rise to about $1,476. The highest and lowest median tax bills in the area are both $345, found in the 62921 zip code. These property tax bills are crucial for homeowners to consider, as they directly impact the affordability of owning a home. Comparing these figures to the national median property tax rate of 0.99%, COLP's rates highlight the local economic landscape and its implications for property owners.
Average Colp Tax Bill
$345
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Colp, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62921 | $56 | $115 | $345 | $812 | $1,476 |
Source: Ownwell