Lacon, Illinois Property Taxes
The median property tax rate in Lacon, Illinois is 2.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lacon at $114,447, the typical annual property tax bill reaches $2,711, exceeding the national median of $2,690. Property taxes in Lacon 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 Lacon'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 Lacon 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
Lacon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.43%
Estimate Property Tax Bill
$2,781
$2,718
Ownwell’s Lacon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacon 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 Lacon, Illinois
Property taxes in Lacon, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacon is 2.43%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lacon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacon 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 Lacon's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61540 zip code has both the highest and lowest median property tax rate of 2.43%. Understanding how these cities compare with Lacon provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacon Tax Rate
2.43%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61540 | 1.43% | 2.09% | 2.43% | 2.71% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Lacon, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lacon, Illinois. 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 local 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 Lacon, 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. The median home price in Lacon is $114,447, with tax bills ranging from $1,563 at the 25th percentile to $5,861 at the 90th percentile. The zip code with the highest median tax bill is 61540, with a value of $2,711. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lacon Assessed Value
$114,447
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61540 | $37,354 | $67,676 | $114,447 | $164,055 | $214,529 |
Source: Ownwell
Property Tax Bills Across Lacon, Illinois
Property tax bills in Lacon, located in Marshall County, IL, are calculated based on the assessed value of a property. The assessed value is determined by the local assessor and typically represents a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, in Lacon, the median home price is $114,447, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $1,563, while those in the 75th percentile see bills closer to $4,202. At the 90th percentile, the tax bill can reach up to $5,861. These property taxes fund essential local services such as schools, public safety, and infrastructure. Comparatively, Lacon's property tax rates are higher than the national median rate of 0.99%, impacting homeowners' overall expenses and the affordability of living in this area.
Average Lacon Tax Bill
$2,711
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61540 | $770 | $1,563 | $2,711 | $4,202 | $5,861 |
Source: Ownwell