Chatham, Illinois Property Taxes
Real Estate Values and Property Tax Valuation in Chatham, Illinois
The city of Chatham has 4,312 properties with a cumulative value of $892.2M, making up 10.20% of all real estate value in Sangamon County. Property taxes in Chatham totaled $20.1M, with the average homeowner paying $4,802 in property taxes compared to the county average of $3,749. The average property tax rate in Chatham is 2.26%, while the county average is 2.29%. Property values are determined by the local assessor's office and are used to calculate the amount of taxes owed.
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.
Updated November 01, 2023
| Important Links | |
|---|---|
| Sangamon Assessor | (217) 753-6805 |
| Sangamon Treasurer | (217) 753-6800 |
| Important Dates | |
|---|---|
| Property Valuation Date: | January 1st |
| Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
| Property Tax Bills Issued: | February 1st and July 1st |
| Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
| Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
| Available Exemptions | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Chatham, Illinois
Residential Property Tax by ZIP code in Chatham, Illinois
Chatham, Illinois has an average property tax rate of 2.26%, which is slightly lower than the average rate for Sangamon County, which is 2.29%. This means that property owners in Chatham can expect to pay slightly less in taxes than those in the rest of the county. However, property tax rates can vary significantly across different ZIP codes in Chatham. The ZIP code with the highest effective property tax rate is 62629, with a rate of 2.26%. On the other hand, the ZIP code with the lowest effective property tax rate is yet to be determined.
The variation in property tax rates across ZIP codes in Chatham is largely due to differences in home values. Generally, areas with higher home values will have higher property tax rates, while areas with lower home values will have lower property tax rates. This means that property owners in Chatham should be aware of the home values in their ZIP code when considering their property tax rate.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each ZIP code in Chatham, Illinois. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $110,296 | $137,522 | $196,842 | $256,430 | $317,069 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each ZIP code in Chatham, Illinois.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $2,273 | $3,034 | $4,483 | $6,124 | $7,673 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
| ZIP Code | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | 2.06% | 2.21% | 2.28% | 2.39% | 2.42% |
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Real Estate Values in Chatham, Illinois
Average Home Value in Chatham, Illinois
Last updated: November 2023
We currently do not have this data but we are working to add this soon.
We currently do not have this data but we are working to add this soon.
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Housing Expenses in Chatham, Illinois
Housing expenses are a major part of the average household budget in the state. In fact, housing expenses account for nearly one-third of total expenses for the average household. As inflation continues, housing expenses continue to rise, eating up an ever-increasing portion of the household budget. Property taxes are the second largest component of housing expenses for the average property owner in the state, making up a significant portion of the total housing expenses. As housing expenses continue to rise, it is important for households to budget carefully and plan for the future to ensure they can afford their housing expenses.
Monthly Consumer Expenses for Midwest region
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