Seneca, Illinois Property Taxes
The median property tax rate in Seneca, 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 Seneca at $208,890, the typical annual property tax bill reaches $4,307, exceeding the national median of $2,690. Property taxes in Seneca 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 Seneca'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 Seneca 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
Seneca, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.19%
Estimate Property Tax Bill
$4,575
$4,470
Ownwell’s Seneca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seneca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seneca 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 Seneca, Illinois
Property taxes in Seneca, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Seneca is 2.19%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Seneca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seneca 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 Seneca's effective property tax rate to other regions and the national median. For comparison, the zip code 61360 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 areas compare with Seneca provides valuable insights into the varying tax landscape across LaSalle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seneca Tax Rate
2.19%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | 1.66% | 2.11% | 2.19% | 2.22% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Seneca, Illinois
In Seneca, 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 LaSalle 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 Seneca, 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 Seneca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61360 at $4,307, which is slightly above the national median property tax rate of 0.99%.
Average Seneca Assessed Value
$208,890
Average Lasalle County Assessed Value
$83,415
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | $104,123 | $158,280 | $208,890 | $250,167 | $275,723 |
Source: Ownwell
Property Tax Bills Across Seneca, Illinois
In Seneca, LaSalle County, IL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which in Seneca is influenced by factors such as location, property size, and recent sales of comparable homes. The local tax rate is applied to this assessed value to calculate the annual tax bill. For homeowners in Seneca, the tax bill can vary significantly. For example, those in the 25th percentile pay around $2,656 annually, while those in the 75th percentile see bills closer to $5,404. At the higher end, the 90th percentile tax bill can reach approximately $6,080. Given that the national median property tax rate is 0.99%, homeowners in Seneca may find their tax bills higher or lower depending on their property's assessed value and the local tax rate. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual housing costs, influencing decisions on buying, selling, or making improvements to their property.
Average Seneca Tax Bill
$4,307
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | $1,443 | $2,656 | $4,307 | $5,404 | $6,080 |
Source: Ownwell