Lee, Illinois Property Taxes
The median property tax rate in Lee, IL is 2.35%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lee, the typical annual property tax bill reaches $3,270, exceeding the national median of $2,690. Property taxes in Lee 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 Lee'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 Lee 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
Lee, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$3,420
$3,342
Ownwell’s Lee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lee 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 Lee, Illinois
Property taxes in Lee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lee is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lee 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 Lee's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60530 has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these areas compare with Lee provides valuable insights into the varying tax landscape across DeKalb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lee Tax Rate
2.35%
Average Dekalb County Tax Rate
2.86%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60530 | 1.94% | 2.18% | 2.35% | 2.72% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Lee, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lee, Illinois. 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 DeKalb County Appraisal District 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 Lee, 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 Lee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $3,270 in the 60530 zip code, while the lowest median tax bill is also $3,270 in the same zip code.
Average Lee Assessed Value
$145,544
Average Dekalb County Assessed Value
$185,016
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60530 | $82,010 | $108,052 | $145,544 | $198,323 | $280,460 |
Source: Ownwell
Property Tax Bills Across Lee, Illinois
In Lee, located in DeKalb County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Lee face a range of property tax bills, influenced by factors such as property size, location, and local tax rates. For example, the median home price in Lee is $145,544. The tax bill for homes in the 25th percentile is around $2,261, while those in the 75th percentile can expect to pay about $4,754. Homes in the 90th percentile see tax bills as high as $7,943. These tax bills are determined by multiplying the assessed property value by the local tax rate. This rate is influenced by various local government needs, including public services and infrastructure. For homeowners, understanding how these factors affect their tax bills is crucial for financial planning. Compared to the national median property tax rate of 0.99%, Lee's property tax rates can be significant, impacting both monthly budgets and long-term financial goals.
Average Lee Tax Bill
$3,270
Average Dekalb County Tax Bill
$5,206
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60530 | $1,652 | $2,261 | $3,270 | $4,754 | $7,943 |
Source: Ownwell