Freeman Spur, Illinois Property Taxes
The median property tax rate in Freeman Spur, IL is 1.99%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Freeman Spur at $31,230, the typical annual property tax bill is $474, well below the national median of $2,690. Property taxes in Freeman Spur 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 Freeman Spur'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 Freeman Spur 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
Freeman Spur, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.99%
Estimate Property Tax Bill
$621
$607
Ownwell’s Freeman Spur Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Freeman Spur with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeman Spur to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at a neighborhood level, you can scroll down to access localized information. Your property’s assessed value is determined by Williamson County for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Freeman Spur, Illinois
Property taxes in Freeman Spur, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeman Spur is 1.73%, higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Freeman Spur set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeman Spur 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 Freeman Spur's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62948 zip code has the highest median property tax rate of 1.73%, while the 62948 zip code has the lowest median tax rate of 1.73%. Understanding how these cities compare with Freeman Spur 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 Freeman Spur Tax Rate
1.99%
Average Williamson County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeman Spur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62841 | 0.76% | 1.29% | 1.99% | 2.60% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Freeman Spur, Illinois
In Freeman Spur, 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 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 Freeman Spur, 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 Freeman Spur helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Freeman Spur is $31,230, with the highest and lowest median tax bills both recorded at $474 in the 62841 zip code.
Average Freeman Spur Assessed Value
$31,230
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 Freeman Spur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62841 | $4,257 | $15,690 | $31,230 | $54,712 | $87,144 |
Source: Ownwell
Property Tax Bills Across Freeman Spur, Illinois
In Freeman Spur, located in Williamson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. For instance, the median home price in Freeman Spur is $31,230. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. In Freeman Spur, the 25th percentile tax bill is $222, while the 75th percentile reaches $965, and the 90th percentile goes up to $1,927. These property taxes significantly impact homeowners, as they are a recurring expense that must be budgeted for annually. Compared to the national median property tax rate of 0.99%, Freeman Spur's tax rates offer a unique perspective on regional property tax burdens.
Average Freeman Spur Tax Bill
$474
Average Williamson County Tax Bill
$1,802
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeman Spur, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62841 | $68 | $222 | $474 | $965 | $1,927 |
Source: Ownwell