Long Point, Illinois Property Taxes
The median property tax rate in Long Point, IL is 3.02%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Long Point, the typical annual property tax bill reaches $4,277, exceeding the national median of $2,690. Property taxes in Long Point 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 Long Point'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 Long Point 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
Long Point, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.02%
Estimate Property Tax Bill
$4,165
$4,069
Ownwell’s Long Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Point 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 Long Point, Illinois
Property taxes in Long Point, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Point is 3.02%, significantly higher than the U.S. national median of 0.99%. Local government entities within Long Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Point 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 Long Point's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61333 zip code has both the highest and lowest median property tax rate of 3.02%, reflecting a uniform tax rate within the area. Understanding how these cities compare with Long Point 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 Long Point Tax Rate
3.02%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Point, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61333 | 2.00% | 2.59% | 3.02% | 3.23% | 3.55% |
Source: Ownwell
Property Tax Assessment Values Across Long Point, Illinois
In Long Point, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Long Point, 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 Long Point 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 61333, with a median bill of $4,277, while the same zip code also has the lowest median tax bill of $4,277.
Average Long Point Assessed Value
$137,898
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 Long Point, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61333 | $41,948 | $95,406 | $137,898 | $203,220 | $269,845 |
Source: Ownwell
Property Tax Bills Across Long Point, Illinois
In Long Point, Illinois, property tax bills are calculated based on the assessed value of the home, which is derived from the market value. The assessed value is typically a percentage of the market value, determined by the local assessor's office. Several factors influence the final tax bill, including the property's location, size, and any improvements made. For homeowners in Long Point, the property tax bill can significantly impact their finances. The median home price in the area is $137,898, with tax bills ranging from $2,477 at the 25th percentile to $9,405 at the 90th percentile. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how their local rates compare. The highest and lowest median tax bills in the region both stand at $4,277, indicating a degree of consistency in tax assessments within certain areas of Livingston County. Understanding these factors helps homeowners anticipate their annual expenses and plan their budgets accordingly.
Average Long Point Tax Bill
$4,277
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Point, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61333 | $1,422 | $2,477 | $4,277 | $7,252 | $9,405 |
Source: Ownwell