Mc Lean, Illinois Property Taxes
The median property tax rate in MC LEAN, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in MC LEAN at $216,450, the typical annual property tax bill reaches $5,217, exceeding the national median of $2,690. Property taxes in MC LEAN 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 MC LEAN'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 MC LEAN 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
Mc Lean, 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 MC LEAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC LEAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC LEAN 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 Mc Lean, Illinois
Property taxes in McLean, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McLean is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within McLean set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLean 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 McLean's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61754 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these cities compare with McLean provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Lean Tax Rate
2.46%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Lean, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | 2.15% | 2.30% | 2.46% | 2.50% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Mc Lean, Illinois
In MC LEAN, 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 local authorities 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 MC LEAN, 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 MC LEAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5217 in the 61754 zip code, while the lowest is also $5217 in the same zip code.
Average Mc Lean Assessed Value
$216,450
Average Logan County Assessed Value
$165,735
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Lean, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | $116,052 | $135,870 | $216,450 | $239,880 | $275,268 |
Source: Ownwell
Property Tax Bills Across Mc Lean, Illinois
In McLean, IL, property tax bills are calculated based on the assessed value of your property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the amount owed. For instance, a median home price in McLean is $216,450. Homeowners in the 25th percentile pay around $3,465 annually, while those in the 75th percentile pay about $5,784. The top 10% of taxpayers see bills as high as $6,878. Several factors influence your tax bill, including changes in property value, local government budgets, and specific tax rates set by various taxing authorities. These rates can vary significantly, impacting the overall amount homeowners are required to pay. Compared to the national median property tax rate of 0.99%, McLean's property tax rates can be quite impactful on a homeowner's annual expenses. Understanding these elements helps homeowners budget effectively and anticipate potential changes in their property tax obligations.
Average Mc Lean Tax Bill
$5,217
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Lean, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | $2,539 | $3,465 | $5,217 | $5,784 | $6,878 |
Source: Ownwell