Leroy, Illinois Property Taxes
The median property tax rate in LeRoy, 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 LeRoy, the typical annual property tax bill reaches $6,058, exceeding the national median of $2,690. Property taxes in LeRoy 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 LeRoy'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 LeRoy 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
Leroy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$5,921
$5,787
Ownwell’s LeRoy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LeRoy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LeRoy 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 Leroy, Illinois
Property taxes in LeRoy, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LeRoy is 2.45%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within LeRoy set these rates annually, and they can vary significantly across different neighborhoods. Each year, LeRoy 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 LeRoy's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61752 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 cities compare with LeRoy 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 Leroy 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 Leroy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | 2.09% | 2.25% | 2.45% | 2.56% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Leroy, Illinois
In Leroy, 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 Assessor's 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 Leroy, 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 Leroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61752, with a median bill of $6,058.
Average Leroy Assessed Value
$241,671
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 Leroy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | $131,555 | $162,006 | $241,671 | $335,409 | $376,880 |
Source: Ownwell
Property Tax Bills Across Leroy, Illinois
In Leroy, located in McLean County, IL, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $241,671, homeowners can expect a varied tax bill depending on their property's assessed value. The tax bill in Leroy ranges significantly; the 25th percentile tax bill is $3,966, while the 75th percentile reaches $8,452. At the 90th percentile, homeowners might see tax bills as high as $9,532. These figures highlight the variability in tax obligations, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, homeowners in Leroy may find their tax rates to be relatively higher or lower, depending on specific circumstances. This variability underscores the importance of understanding local property assessments and tax rates to anticipate annual property tax obligations accurately.
Average Leroy Tax Bill
$6,058
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Leroy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61752 | $3,144 | $3,966 | $6,058 | $8,452 | $9,532 |
Source: Ownwell