Andover, Illinois Property Taxes
The median property tax rate in Andover, IL is 2.19%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Andover, the typical annual property tax bill reaches $2,826, exceeding the national median of $2,690. Property taxes in Andover 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 Andover'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 Andover 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
Andover, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$2,902
$2,835
Ownwell’s Andover Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Andover to provide an accurate estimate of your property tax bill. This tool offers valuable insight into your potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Henry County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Andover, Illinois
Property taxes in Andover, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61233 zip code has the highest median property tax rate of 2.19%, while the same zip code also has the lowest median tax rate of 2.19%. Understanding how these cities compare with Andover provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Andover Tax Rate
2.19%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61233 | 1.57% | 1.99% | 2.19% | 2.33% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Illinois
In Andover, 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 Henry 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 61233 has the highest median tax bill at $2826, highlighting the importance of staying informed and proactive.
Average Andover Assessed Value
$132,494
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Andover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61233 | $69,250 | $98,557 | $132,494 | $166,815 | $205,025 |
Source: Ownwell
Property Tax Bills Across Andover, Illinois
In Andover, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with a median home price of $132,494, homeowners in Andover can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,815, while at the 75th percentile, it rises to about $3,637, and at the 90th percentile, it can reach up to $4,667. These figures highlight the range of property tax burdens that residents might face. Compared to the national median property tax rate of 0.99%, Andover's tax rates reflect the specific needs and budgetary requirements of Henry County. Homeowners should be aware that factors such as local government budgets, school funding, and public services all play a role in determining their property tax rates, ultimately affecting their annual financial planning and home affordability.
Average Andover Tax Bill
$2,826
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61233 | $1,295 | $1,815 | $2,826 | $3,637 | $4,667 |
Source: Ownwell