Le Roy, Illinois Property Taxes
The median property tax rate in Le Roy, IL is 3.81%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Le Roy at $104,892, the typical annual property tax bill reaches $5,522, far exceeding the national median of $2,690. Property taxes in Le Roy 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 Le Roy'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 Le Roy 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
Le Roy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.81%
Estimate Property Tax Bill
$3,996
$3,905
Ownwell’s LE ROY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LE ROY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LE ROY 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 Le Roy, Illinois
Property taxes in Le Roy, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Le Roy is 3.81%, significantly higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Le Roy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Le Roy 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 Le Roy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61752 zip code has the highest median property tax rate of 3.81%, while the same zip code also has the lowest median tax rate of 3.81%. Understanding how these cities compare with Le Roy provides valuable insights into the varying tax landscape across De Witt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Le Roy Tax Rate
3.81%
Average De Witt County Tax Rate
2.10%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Le Roy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | 2.43% | 2.54% | 3.81% | 10.40% | 13.86% |
Source: Ownwell
Property Tax Assessment Values Across Le Roy, Illinois
In Le Roy, 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 De Witt 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 Le Roy, 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 Le Roy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61752, both at $5,522.
Average Le Roy Assessed Value
$104,892
Average De Witt County Assessed Value
$142,472
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Le Roy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | $57,530 | $67,405 | $104,892 | $137,995 | $212,892 |
Source: Ownwell
Property Tax Bills Across Le Roy, Illinois
In Le Roy, IL (De Witt County), property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Le Roy face varying tax bills, with the 25th percentile at $3,183 and the 75th percentile reaching $8,109. The highest median tax bill in the area is $5,522, which is also the lowest, indicating uniformity in property tax assessments within the 61752 zip code. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions. The local tax rate is applied to the assessed value to determine the tax owed. This assessed value is periodically updated to reflect changes in the market value of the property. For homeowners, these tax bills represent a significant annual expense, often influencing decisions on buying, selling, or renovating properties. Compared to the national median property tax rate of 0.99%, the rates in Le Roy can substantially impact household budgets, necessitating careful financial planning.
Average Le Roy Tax Bill
$5,522
Average De Witt County Tax Bill
$3,614
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Le Roy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | $3,075 | $3,183 | $5,522 | $8,109 | $9,292 |
Source: Ownwell