Spring Valley, Illinois Property Taxes
The median property tax rate in Spring Valley, IL is 2.91%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Spring Valley at $84,771, the typical annual property tax bill reaches $2,391, which, while below the national median of $2,690, still represents a significant cost for homeowners. Property taxes in Spring Valley are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Valley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spring Valley or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.91%
Estimate Property Tax Bill
$2,467
$2,410
Ownwell’s SPRING VALLEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SPRING VALLEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SPRING VALLEY to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Spring Valley, Illinois
Property taxes in Spring Valley, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Valley is 2.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Spring Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Valley estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Spring Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61362 zip code has the highest median property tax rate of 2.91%, while the same zip code also has the lowest median tax rate of 2.91%. Understanding how these cities compare with Spring Valley provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Valley Tax Rate
2.91%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61362 | 1.75% | 2.44% | 2.91% | 3.37% | 3.75% |
Source: Ownwell
Property Tax Assessment Values Across Spring Valley, Illinois
In Spring Valley, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bureau County Assessor’s Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Spring Valley, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Spring Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,391 in zip code 61362, while the lowest is also $2,391 in the same zip code.
Average Spring Valley Assessed Value
$84,771
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61362 | $37,023 | $57,927 | $84,771 | $134,486 | $186,830 |
Source: Ownwell
Property Tax Bills Across Spring Valley, Illinois
In Spring Valley, property tax bills are calculated based on the assessed value of the home, which is determined by the Bureau County Assessor's Office. The assessed value typically represents a percentage of the property's market value. Various factors influence this assessment, including the home's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Spring Valley, the median home price is $84,771. Property tax bills can vary significantly, with the 25th percentile at $1,470 and the 75th percentile reaching up to $3,936. For those in the 90th percentile, tax bills can be as high as $5,900. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local tax burdens. Homeowners must stay informed about these assessments to manage their financial planning effectively.
Average Spring Valley Tax Bill
$2,391
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61362 | $817 | $1,470 | $2,391 | $3,936 | $5,900 |
Source: Ownwell