Toluca, Illinois Property Taxes
The median property tax rate in Toluca, IL is 2.71%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Toluca, the typical annual property tax bill reaches $3,071, exceeding the national median of $2,690. Property taxes in Toluca 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 Toluca'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 Toluca 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
Toluca, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.71%
Estimate Property Tax Bill
$3,245
$3,171
Ownwell’s Toluca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toluca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toluca 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 Toluca, Illinois
Property taxes in Toluca, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toluca is 2.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Toluca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toluca 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 Toluca's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61369 zip code has the highest median property tax rate of 2.71%, while the same zip code also has the lowest median tax rate of 2.71%. Understanding how these cities compare with Toluca 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 Toluca Tax Rate
2.71%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toluca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61369 | 1.73% | 2.22% | 2.71% | 3.03% | 3.42% |
Source: Ownwell
Property Tax Assessment Values Across Toluca, Illinois
In Toluca, 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 Marshall 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 Toluca, 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 Toluca 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 $3,071 in zip code 61369, which is notably higher than the national median tax rate of 0.99%.
Average Toluca Assessed Value
$119,760
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 Toluca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61369 | $35,826 | $68,736 | $119,760 | $208,860 | $293,250 |
Source: Ownwell
Property Tax Bills Across Toluca, Illinois
In Toluca, located in Marshall County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The county's property tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $119,760, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors influencing the tax bill include the property's assessed value, local tax rates, and any exemptions for which the homeowner may qualify. Tax bills can vary significantly, with the 25th percentile at $1,416 and the 75th percentile reaching $6,023. For those at the 90th percentile, tax bills can be as high as $8,895. The highest median tax bill in the area is $3,071, found in zip code 61369. These property taxes fund essential local services such as schools, emergency services, and infrastructure, directly impacting homeowners by contributing to the community's overall quality of life.
Average Toluca Tax Bill
$3,071
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Toluca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61369 | $1,003 | $1,416 | $3,071 | $6,023 | $8,895 |
Source: Ownwell