Ludlow, Illinois Property Taxes
The median property tax rate in Ludlow, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ludlow, the typical annual property tax bill reaches $1,446, exceeding the national median of $2,690. Property taxes in Ludlow 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 Ludlow'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 Ludlow 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
Ludlow, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Ludlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ludlow 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 Ludlow, Illinois
Property taxes in Ludlow, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ludlow is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ludlow 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 Ludlow's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60949 zip code has both the highest and lowest median property tax rate of 2.42%. Understanding how these cities compare with Ludlow provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ludlow Tax Rate
2.42%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | 1.25% | 1.88% | 2.42% | 2.72% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Ludlow, Illinois
In Ludlow, 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 Champaign County Assessor 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 Ludlow, 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 Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $1,446 in the 60949 zip code, while the lowest is also $1,446 in the same zip code.
Average Ludlow Assessed Value
$68,730
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | $22,887 | $42,308 | $68,730 | $108,232 | $172,374 |
Source: Ownwell
Property Tax Bills Across Ludlow, Illinois
In Ludlow, Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For homeowners in Ludlow, the median home price is $68,730. With the national median property tax rate at 0.99%, the tax rates in Ludlow can vary significantly. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, tax bills in the 25th percentile are around $827, while those in the 75th percentile reach approximately $2,417. The 90th percentile tax bills can even soar to $4,222, showcasing the range of potential tax liabilities. These variations impact homeowners differently, with some benefiting from lower rates due to exemptions or lower assessed values, while others may face higher bills due to higher property values or fewer exemptions. This diversity in tax bills underscores the importance of understanding local property tax regulations.
Average Ludlow Tax Bill
$1,446
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | $411 | $827 | $1,446 | $2,417 | $4,222 |
Source: Ownwell