Arrowsmith, Illinois Property Taxes
The median property tax rate in Arrowsmith, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Arrowsmith, the typical annual property tax bill reaches $2,406, just below the national median of $2,690. Property taxes in Arrowsmith 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 Arrowsmith'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 Arrowsmith or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arrowsmith, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,477
$2,420
Ownwell’s Arrowsmith Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with an easy way to estimate their annual property taxes in Arrowsmith. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Arrowsmith to give you an accurate estimate of your property tax bill. This valuable tool allows you to understand your potential tax liabilities better. For those interested in more detailed insights, you can scroll down to explore trends at a neighborhood level. Your property's assessed value, determined by McLean County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Arrowsmith, Illinois
Property taxes in Arrowsmith, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arrowsmith is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Arrowsmith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arrowsmith 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 Arrowsmith's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61722 zip code has the highest median property tax rate of 2.40%, while the 61722 zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Arrowsmith 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 Arrowsmith Tax Rate
2.40%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arrowsmith, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61722 | 1.71% | 2.11% | 2.40% | 2.57% | 3.00% |
Source: Ownwell
Property Tax Assessment Values Across Arrowsmith, Illinois
In Arrowsmith, 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 Assessment Office 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 Arrowsmith, 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 Arrowsmith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $2406 in the 61722 zip code.
Average Arrowsmith Assessed Value
$103,194
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 Arrowsmith, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61722 | $39,056 | $74,550 | $103,194 | $134,709 | $172,273 |
Source: Ownwell
Property Tax Bills Across Arrowsmith, Illinois
In Arrowsmith, McLean County, IL, property tax bills are determined by several factors, primarily the assessed value of your home and the local tax rate. The assessed value is a percentage of the market value of your property, and this figure is then multiplied by the local tax rate to calculate your annual tax bill. For instance, with a median home price of $103,194, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. The 25th percentile tax bill in Arrowsmith is around $1,690, while the 75th percentile reaches $3,059, and the 90th percentile can go up to $3,792. These figures indicate a range of what homeowners might pay, showcasing the impact of property values and tax rates. Compared to the national median property tax rate of 0.99%, Arrowsmith's tax bills reflect local economic conditions and municipal budget needs. Homeowners in this area need to be aware of these factors as they significantly influence their annual financial obligations.
Average Arrowsmith Tax Bill
$2,406
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Arrowsmith, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61722 | $659 | $1,690 | $2,406 | $3,059 | $3,792 |
Source: Ownwell