Flanagan, Illinois Property Taxes
The median property tax rate in Flanagan, IL is 3.17%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Flanagan at $154,971, the typical annual property tax bill reaches $5,006, far exceeding the national median of $2,690. Property taxes in Flanagan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Flanagan'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 Flanagan 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
Flanagan, 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 Flanagan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flanagan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flanagan 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 Flanagan, Illinois
Property taxes in Flanagan, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flanagan is 3.17%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flanagan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flanagan 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 Flanagan's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61740 zip code has the highest median property tax rate of 3.17%, while the same zip code also has the lowest median tax rate of 3.17%. Understanding how these cities compare with Flanagan 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 Flanagan Tax Rate
3.17%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flanagan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61740 | 2.65% | 2.93% | 3.17% | 3.52% | 3.74% |
Source: Ownwell
Property Tax Assessment Values Across Flanagan, Illinois
In Flanagan, 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 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 Flanagan, 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. The median home price in Flanagan is $154,971, with tax bills ranging from $3,704 at the 25th percentile to $10,927 at the 90th percentile. The zip code 61740 has both the highest and lowest median tax bill at $5,006. 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 Flanagan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flanagan Assessed Value
$154,971
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 Flanagan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61740 | $63,241 | $113,604 | $154,971 | $220,029 | $310,897 |
Source: Ownwell
Property Tax Bills Across Flanagan, Illinois
In Flanagan, located in Livingston 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 market value, which is determined by the county assessor. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions. For instance, the median home price in Flanagan stands at $154,971, with property tax bills ranging significantly. Homeowners in the 25th percentile pay around $3,704, while those in the 75th percentile face bills up to $7,018. Those in the 90th percentile can see tax bills as high as $10,927. Comparatively, the national median property tax rate is 0.99%, making Flanagan's property tax rates notably higher. This disparity can impact homeowners significantly, affecting their annual budgets and potentially influencing their decisions on homeownership in the area. The highest and lowest median tax bills in the region both stand at $5,006, indicating a relatively uniform tax rate across different neighborhoods.
Average Flanagan Tax Bill
$5,006
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flanagan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61740 | $2,843 | $3,704 | $5,006 | $7,018 | $10,927 |
Source: Ownwell