Lostant, Illinois Property Taxes
The median property tax rate in Lostant, 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 Lostant at $73,954, the typical annual property tax bill reaches $1,883, exceeding the national median of $2,690. Property taxes in Lostant 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 Lostant'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 Lostant 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
Lostant, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$1,819
$1,778
Ownwell’s Lostant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lostant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lostant 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 Lostant, Illinois
Property taxes in Lostant, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lostant is 2.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lostant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lostant 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 Lostant's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 61334 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 Lostant 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 Lostant Tax Rate
2.46%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | 2.28% | 2.35% | 2.46% | 2.58% | 2.65% |
Source: Ownwell
Property Tax Assessment Values Across Lostant, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lostant, 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 Lostant, 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 Lostant is $73,954, with 25th percentile tax bills at $1,473 and 75th percentile tax bills at $2,293. The highest and lowest median tax bills are both recorded at $1,883 in the 61334 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lostant Assessed Value
$73,954
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 Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | $52,944 | $60,823 | $73,954 | $87,086 | $94,965 |
Source: Ownwell
Property Tax Bills Across Lostant, Illinois
In Lostant, property tax bills are calculated based on the assessed value of a home, which is determined by the Marshall County Assessor's Office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $73,954, homeowners in Lostant can expect their tax bills to vary significantly. The 25th percentile tax bill is around $1,473, while the 75th percentile tax bill is approximately $2,293. At the 90th percentile, the tax bill can reach up to $2,539. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the community's quality of life. When compared to the national median property tax rate of 0.99%, Lostant's tax rates indicate that local homeowners may experience a higher tax burden relative to home value, making it crucial for them to understand how their tax bills are determined.
Average Lostant Tax Bill
$1,883
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | $1,227 | $1,473 | $1,883 | $2,293 | $2,539 |
Source: Ownwell