Example of Champaign County Property Tax Calculation
Champaign County Property Tax calculation is based on the assessed value of a property. The County Assessor's Office determines the assessed value of a property by evaluating factors such as its size, location, and structural condition. Once the assessed value is determined, the tax rate is applied to calculate the property tax.
For example, if a property in Champaign County has an assessed value of $100,000 and the tax rate for that property is 2%, the calculation for property tax would be:
$100,000 x 0.02 = $2,000
Therefore, the property owner would owe $2,000 in property taxes for the year. It is important to note that property tax rates can vary by location, so it is important to check with the local property tax office for the most accurate information.
If you want appeal your property tax assessment - contact your local tax assessor.
Champaign County Property Tax Rates
Below is a table of the Champaign County Property Tax rates, listed in US dollars per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General | $0.3391 |
| Corporate | $0.0610 |
| Public Safety | $0.0551 |
| Roads | $0.0311 |
| Social Security | $0.0153 |
| IMRF | $0.0457 |
| Bond and Interest | $0.0544 |
Overall, the total property tax rate for Champaign County is $0.6017 per $100 of assessed value. It's important to note that these rates may vary based on specific locations and individual property assessments within the county.
Who sets property tax rates in Champaign County ?
In Champaign County, property tax rates are set by the local taxing bodies such as school districts, municipalities, and other local governments. These taxing bodies determine the amount of revenue needed to fund their respective budgets and set their tax levies accordingly. The tax rates are then calculated based on the assessed value of the properties within the taxing district. The tax rates are typically established during the budgeting process, which usually takes place between May and September of each year. Property owners will receive their tax bills in the mail and are responsible for paying the taxes by the due date indicated on the bill. It is important for property owners to understand how their tax rates are determined in order to plan and budget accordingly.
Homestead exemptions in Champaign County ?
The table below lists all the county-specific Homestead exemptions and deductions in Champaign County, Illinois. These exemptions and deductions are available to eligible residents of Champaign County who own their primary residence.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead exemption | Owned primary residence on January 1st of tax year; occupied as primary residence by January 1st of the following year | $6,000 | Reduces equalized assessed value (EAV) of primary residence by $6,000 |
| Senior Citizen Homestead exemption | Owned primary residence on January 1st of tax year; at least 65 years old by December 31st of tax year; used as primary residence | $5,000 | Reduces EAV of primary residence by $5,000 |
| Senior Citizen Assessment freeze | Owned primary residence on January 1st of tax year; at least 65 years old by December 31st of tax year; maximum household income of $65,000 | $0 | Freezes EAV of primary residence at base year's level |
| Persons with Disabilities Homestead exemption | Owned primary residence on January 1st of tax year; person with a disability that is certified by a physician | $2,000 | Reduces EAV of primary residence by $2,000 |
| Veterans with Disabilities Homestead exemption | Owned primary residence on January 1st of tax year; veteran with a service-connected disability certified by the U.S. Department of Veterans Affairs | $2,500 | Reduces EAV of primary residence by $2,500 |
| Returning Veterans Homestead exemption | Owned primary residence on January 1st of tax year; served as a member of the U.S. Armed Forces, Illinois National Guard, or Reserves and returned from active duty in an armed conflict involving U.S. military forces | $5,000 | Reduces EAV of primary residence by $5,000 |
| Home Improvement exemption | Made improvements to primary residence in excess of $25,000; reassessed based on new value of improvements | Varies | Exemption applies for four years |
Residents of Champaign County who meet the eligibility requirements for any of these exemptions and deductions should apply for them through the Champaign County Supervisor of Assessments office. By taking advantage of these exemptions and deductions, eligible residents can reduce their property tax bills and keep more money in their pockets.
When is Champaign County Property Tax due ?
Champaign County Property Tax is typically due on September 1st of each year. However, taxpayers may choose to pay their property taxes in two installments. The first installment is due on June 1st, and the second installment is due on September 1st.
There are several payment methods available for Champaign County Property Tax. Taxpayers can choose to pay online, in person, or by mail.
If taxpayers choose to pay online, they can do so through the Champaign County Treasurer's website using a credit or debit card, e-check, or ACH payment. If they prefer to pay in person, they can visit the Champaign County Treasurer's Office during regular business hours. The office is located at 1776 E. Washington St. in Urbana.
Alternatively, taxpayers may choose to pay by mail. They should make their check payable to the Champaign County Treasurer and mail it to P.O. Box 129, Urbana, IL 61803-0129. It is important to note that payments must be postmarked by the due date to avoid penalties and interest charges.
In summary, Champaign County Property Tax is typically due on September 1st, but taxpayers can choose to make two installments. They can pay their property taxes online, in person, or by mail.
If you have more questions - contact your local tax collector.
How is Champaign County Property Tax penalty calculated ?
Champaign County Property Tax Penalty Calculation
When a property owner in Champaign County fails to pay their property taxes on time, they will be subject to penalties and interest charges. The penalty for delinquent property taxes in Champaign County is calculated as a percentage of the unpaid taxes.
Here's how the penalty is calculated:
| Time Elapsed | Penalty |
|---|---|
| 1st installment date to 30 days late | 1.5% |
| 31 to 60 days late | 3% |
| 61 to 90 days late | 4.5% |
| 91 to 120 days late | 6% |
| Over 120 days late | 6% + $25 administrative fee |
For example, let's say John owns a property in Champaign County and his first installment of property taxes was due on June 1st, 2021. He failed to pay his taxes on time and now it's 90 days late.
John's unpaid property taxes were $2,000, and the penalty for being 90 days late is 4.5%. The penalty John will owe is calculated as follows:
Penalty = 4.5% x $2,000 = $90
Therefore, John's total amount due would be $2,090 (unpaid taxes + penalty).
It's important to note that these penalties and fees can add up quickly, so it's crucial for property owners to pay their taxes on time to avoid these charges.
In conclusion, the Champaign County Property Tax Penalty is calculated as a percentage of the unpaid taxes based on the time elapsed since the taxes were due. Property owners should be aware of the penalties and fees that come with late payments and make sure to pay their taxes on time.
We recommend contacting the Champaign County Tax Office or a local tax professional for the most up-to-date and accurate information.