Anchor, Illinois Property Taxes
The median property tax rate in ANCHOR, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in ANCHOR at $82,768, the typical annual property tax bill reaches $2,014, exceeding the national median of $2,690. Property taxes in ANCHOR 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 ANCHOR'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 ANCHOR 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
Anchor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$2,028
$1,982
Ownwell’s ANCHOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ANCHOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ANCHOR 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 Anchor, Illinois
Property taxes in Anchor, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Anchor is 2.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Anchor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Anchor 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 Anchor's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61720 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these areas compare with Anchor provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Anchor Tax Rate
2.45%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | 1.33% | 2.07% | 2.45% | 2.78% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Anchor, Illinois
In ANCHOR, 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 McLean 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 ANCHOR, 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 ANCHOR 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 $2014 in the 61720 zip code, while the lowest is also $2014 in the same zip code.
Average Anchor Assessed Value
$82,768
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $41,545 | $57,208 | $82,768 | $109,461 | $148,190 |
Source: Ownwell
Property Tax Bills Across Anchor, Illinois
In ANCHOR, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors in McLean County. The assessed value is a percentage of the property's market value. Homeowners in ANCHOR see a range of property tax bills, with the 25th percentile at $1,168 and the 75th percentile reaching $3,045. The highest median tax bill in the area is $2,014, found in the ZIP code 61720. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. These taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, ANCHOR's property tax rates can significantly impact homeowners' finances, particularly those with higher-valued properties. Understanding these factors helps homeowners anticipate their tax obligations and plan their budgets accordingly.
Average Anchor Tax Bill
$2,014
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $587 | $1,168 | $2,014 | $3,045 | $3,811 |
Source: Ownwell