Average Tax Assessment in Effingham County

Effingham County has 6,867 properties with a cumulative value of $1.2B, representing 0.17% of all real estate value in Illinois. Property taxes in Effingham County totaled $21.8M, with an average homeowner paying $3,207 in property taxes compared to the state average of $5,405. The average property tax rate in Effingham County is 1.80%, lower than the state average of 2.47%. Properties are typically valued for tax purposes based on their estimated 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.

Effingham County has an average property tax rate of 1.80%, which is slightly higher than the national average of 1.07%. This rate is applied to the assessed value of a property to calculate the amount of taxes due. The city of Effingham has the highest effective property tax rate in the county at 1.86%, while the city of Altamont has the lowest effective property tax rate at 1.64%. This means that homeowners in Effingham will pay more in property taxes than those in Altamont.

Property taxes in Effingham County are higher than the national average, but they are still relatively low compared to other counties in the state. Property taxes in Effingham County are also relatively consistent across the cities, with only a small difference between the highest and lowest effective property tax rates. This means that homeowners in Effingham County can expect to pay a fair amount of property taxes, but they can also expect to pay a similar amount as their neighbors.

The home prices in Effingham County, Illinois have seen an increase of 14.20% from October 2022 to October 2023. The median home price in October 2023 was $273.5K, while the median home price in October 2022 was $239.5K. The home inventory in Effingham County has also increased from 62 in October 2022 to 67 in October 2023. This indicates that the housing market in Effingham County is strong and that home prices are likely to continue to rise in the near future.

Mortgages in Effingham County are a major source of financing for homeowners. According to recent statistics, there is a total of $217.4M in outstanding loan amounts across home mortgages in the county. This is equivalent to 1.9K outstanding loans, which is a significant amount of money for the area. The median mortgage rate in Effingham County varies across cities, with Teutopolis having the highest rate at 4.12% and Altamont having the lowest rate at 3.94%. This variation in rates can make a significant difference in the total cost of a loan, so it is important for potential borrowers to shop around and compare rates.

Overall, the total outstanding loan amount in Effingham County is a significant portion of the total home value in the area. This indicates that mortgages are a popular form of financing for homeowners in the county and that the market is healthy. With the variation in rates across cities, it is important for potential borrowers to compare rates and find the best deal for their needs.