Warsaw, Illinois Property Taxes
The median property tax rate in Warsaw, IL is 2.78%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Warsaw at $52,020, the typical annual property tax bill reaches $1,446, exceeding the national median of $2,690. Property taxes in Warsaw 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 Warsaw'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 Warsaw 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
Warsaw, 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 Warsaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Warsaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Warsaw 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 Warsaw, Illinois
Property taxes in Warsaw, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Warsaw is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Warsaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Warsaw 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 Warsaw's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62379 has the highest median property tax rate of 2.78%, while the same zip code also has the lowest median tax rate of 2.78%. Understanding how these areas compare with Warsaw provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Warsaw Tax Rate
2.78%
Average Hancock County Tax Rate
2.85%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Warsaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62379 | 2.57% | 2.64% | 2.78% | 2.78% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Warsaw, Illinois
In Warsaw, 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 Hancock 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 Warsaw, 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. For instance, the median home price in Warsaw is $52,020, with tax bills ranging from $1,000 at the 25th percentile to $3,242 at the 90th percentile. 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 Warsaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Warsaw Assessed Value
$52,020
Average Hancock County Assessed Value
$54,669
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Warsaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62379 | $20,942 | $35,982 | $52,020 | $88,737 | $125,045 |
Source: Ownwell
Property Tax Bills Across Warsaw, Illinois
In Warsaw, Hancock County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $52,020, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,000, while those in the 75th percentile face bills closer to $2,139. At the 90th percentile, tax bills can reach up to $3,242. These tax bills are influenced by various factors, including property size, location, and improvements. Comparatively, the national median property tax rate is 0.99%, making Warsaw’s rates noteworthy for their variability. The highest and lowest median tax bills in Hancock County are both $1,446, indicating some level of consistency within the region. These property taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for homeowners.
Average Warsaw Tax Bill
$1,446
Average Hancock County Tax Bill
$1,522
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Warsaw, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62379 | $582 | $1,000 | $1,446 | $2,139 | $3,242 |
Source: Ownwell