Lovington, Illinois Property Taxes
The median property tax rate in Lovington, Illinois is 2.14%, which is considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lovington at $184,890, the typical annual property tax bill reaches $4,318, significantly exceeding the national median of $2,690. Property taxes in Lovington 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 Lovington'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 Lovington 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
Lovington, 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 Lovington Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lovington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovington to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in seeing trends at a neighborhood level, scrolling down will reveal more localized information. Your property’s assessed value is determined by the county for property tax purposes, and it takes into account any applicable exemptions.
Property Tax Rates Across Lovington, Illinois
Property taxes in Lovington, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovington is 2.14%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lovington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovington 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 Lovington's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61937 has both the highest and lowest median property tax rate of 2.14%. Understanding how these areas compare with Lovington provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovington Tax Rate
2.14%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | 1.59% | 1.88% | 2.14% | 2.33% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Lovington, Illinois
In Lovington, 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 Macon 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 Lovington, 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. For instance, the median home price in Lovington is $184,890. Tax bills can vary significantly, with the 25th percentile at $2,176 and the 90th percentile reaching up to $7,279. Notably, the zip code 61937 has both the highest and lowest median tax bill, standing at $4,318. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lovington Assessed Value
$184,890
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $100,006 | $126,569 | $184,890 | $228,149 | $312,822 |
Source: Ownwell
Property Tax Bills Across Lovington, Illinois
In Lovington, IL, property tax bills are calculated based on the assessed value of a homeowner’s property. The assessed value is typically determined by the local tax assessor and represents a percentage of the property’s market value. Factors such as property size, location, and market conditions are considered in this assessment. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Lovington, the median home price is approximately $184,890. Property tax bills can vary significantly, with the 25th percentile at $2,176 and the 75th percentile reaching $4,852. In some cases, tax bills can go as high as $7,279, reflecting the 90th percentile. These figures highlight the range of property tax burdens homeowners may face, depending on their property's assessed value and market conditions. Understanding how these taxes are calculated is crucial for homeowners as it directly impacts their annual expenses and can influence decisions regarding property investment and homeownership.
Average Lovington Tax Bill
$4,318
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $1,759 | $2,176 | $4,318 | $4,852 | $7,279 |
Source: Ownwell