According to a recent study performed by SmartAsset, a financial technology company, Jasper County, Illinois has placed 8th in the State of Illinois. The study analyzed metrics including quality of local schools and local crime rates compared to property taxes to find where people were seeing the most value for their tax dollars.
In our area Jasper County is the only county to make the top 10. Other counties in the 10 were 1-Sangamon, 2-Madison, 3-Macoupin, 4-Saint Clair, 5-Moultrie, 6-McHenry, 7-DeKalb, 9-Menard and 10-Lake.
Jasper County: 1.47% property tax rate, 8.00 school rating, 895 crimes per 100k people and 85.17 overall value index.
Area Counties: Placed #34 Effingham County: 1.46% property tax rate, 10.00 school rating, 1967 crimes per 100k people and 59.39 overall value index ; Placed #77 Richland County: 1.72% property tax rate, 2.00 school rating, 2106 crimes per 100k people and 16.83 overall value index; Placed #20 Crawford County: 1.63% property tax rate, 7.00 school rating, 1218 crimes per 100k people and 72.22 overall value index.
The study, according to Steve Sabato of SmartAsset, aims to find the places in the United States where people are getting the most for their property tax dollars.
As a way to measure the quality of schools, we analyzed the math and reading/language arts proficiencies for every school district in the country. We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 (with 10 being the best) based on the average scores of the districts in each county.
For each county, we calculated the violent and property crimes per 100,000 residents.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per 100,000 residents.
We used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest.
Illinois Property Tax
The State of Illinois has the second highest property taxes in the country. The statewide average effective tax rate is 2.32%, which is nearly double to national average.
SmartAsset states that the average homeowner in Illinois pays $4,058 annually in property taxes. Part of the reason for the high property taxes is that there are over 8,000 different taxing authorities in Illinois. Property taxes in Illinois support city governments, county governments and school districts, along with a vast number of other local services and projects. Some of the types of taxing districts that may appear on your property tax bill in Illinois are fire protection districts, sanitary districts, and park districts.
Property tax assessments and collections in Illinois run on a roughly two-year cycle. In year one, local assessing officials appraise real estate to determine market value for each home in their area. The assessed value of property in most of Illinois is equal to 33.33% (one-third) of the market value of the residential property.
Sources for the study were US Census Bureau 2017 American Community Survey, Department of Education, Federal Bureau of Investigation, State Police or Justice Department websites.