Average Tax Assessment in Coles County

Coles County has a total of 2,761 properties with a cumulative value of $310.5M, representing 0.04% of all real estate value in Illinois. The average property tax rate in Coles County is 2.27%, which is lower than the state average of 2.47%. A total of $7.1M was collected in property taxes in Coles County, with the average homeowner paying $2,663 in property taxes compared to the state average of $5,405. Property taxes are typically based on the assessed value of the property, which is usually lower than the market value.

In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.

Coles County has an average property tax rate of 2.27%, which is slightly lower than the state average of 2.30%. This rate is applied to all properties in the county, regardless of location. However, the effective property tax rate can vary significantly from city to city. For example, the city of Charleston has the highest effective property tax rate in the county at 2.29%, while the city of Mattoon has the lowest effective property tax rate at 2.27%. This difference of 0.02% may not seem like much, but it can add up over time. Property owners in Charleston will pay an average of $2,671 in property taxes, while those in Mattoon will pay an average of $2,663. This difference of $8 may not seem like much, but it can add up over time.

Overall, Coles County has a relatively low property tax rate compared to the rest of the state. However, there is still a significant variation in effective property tax rates across the cities in the county. Property owners should be aware of the differences in rates when considering where to purchase a home or other property.

The data from Redfin shows that the median home price in Coles County, Illinois has increased by 30.43% from October 2022 to October 2023. This is a significant increase in home prices in the area, indicating a strong housing market. At the same time, the home inventory in Coles County has decreased from 122 in October 2022 to 94 in October 2023, indicating that there is a shortage of homes available for sale in the area. This could be driving up prices as buyers compete for the limited number of homes available.

Coles County has a total of $96.8M in outstanding home mortgage loans, representing 440 individual loans. This amount is equivalent to approximately 8.5% of the total home value in the county. The median mortgage rate in Coles County is 4.24%, with Mattoon having the highest median rate of 4.27% and Charleston having the lowest rate of 4.21%. This indicates that there is a slight variation in mortgage rates across the county, with Mattoon having the highest rate and Charleston having the lowest.

Overall, Coles County has a relatively high amount of outstanding home mortgage loans, with the median rate being slightly higher than the national average. This indicates that homeowners in the county are taking advantage of the current low interest rates to purchase or refinance their homes. With the variation in rates across the county, homeowners should shop around to find the best rate for their needs.