Chenoa, Illinois Property Taxes
The median property tax rate in Chenoa, IL is 3.10%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $183,204 in Chenoa, the typical annual property tax bill reaches $6,139, far exceeding the national median of $2,690. Property taxes in Chenoa are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Grasping Chenoa's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Chenoa or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chenoa, 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 Chenoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chenoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chenoa 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 Chenoa, Illinois
Property taxes in Chenoa, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chenoa is 3.10%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Chenoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chenoa 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 Chenoa's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61726 zip code has the highest median property tax rate of 3.10%, while the same zip code also has the lowest median tax rate of 3.10%. Understanding how these figures compare with Chenoa provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chenoa Tax Rate
3.10%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chenoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61726 | 2.56% | 2.79% | 3.10% | 3.35% | 3.58% |
Source: Ownwell
Property Tax Assessment Values Across Chenoa, Illinois
In Chenoa, 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 Livingston 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 Chenoa, 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 Chenoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Chenoa, the zip code with the highest and lowest median tax bill is 61726, with a median tax bill of $6,139.
Average Chenoa Assessed Value
$183,204
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chenoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61726 | $69,471 | $122,478 | $183,204 | $253,119 | $351,547 |
Source: Ownwell
Property Tax Bills Across Chenoa, Illinois
In Chenoa, property tax bills are calculated based on the assessed value of a home, which is determined by the Livingston County Assessor's Office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. These rates are influenced by various factors, including municipal budgets, school funding, and public services. Homeowners in Chenoa can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is approximately $4,297, while the 75th percentile tax bill reaches around $8,430. The highest median tax bill in the area is $6,139, which is significantly above the national median property tax rate of 0.99%. The property tax burden can significantly impact homeowners, especially those with properties on the higher end of the market. Understanding how these taxes are calculated and what factors influence them can help homeowners manage their expenses more effectively.
Average Chenoa Tax Bill
$6,139
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Chenoa, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61726 | $3,140 | $4,297 | $6,139 | $8,430 | $11,153 |
Source: Ownwell