Shirley, Illinois Property Taxes
The median property tax rate in Shirley, IL is 2.42%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Shirley, the typical annual property tax bill reaches $3,247, exceeding the national median of $2,690. Property taxes in Shirley 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 Shirley'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 Shirley 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
Shirley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.42%
Estimate Property Tax Bill
$3,460
$3,381
Ownwell’s Shirley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shirley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shirley 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 Shirley, Illinois
Property taxes in Shirley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shirley is 2.42%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Shirley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shirley 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 Shirley's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61772 zip code has the highest median property tax rate of 2.42%, while the 61772 zip code also has the lowest median tax rate of 2.42%. Understanding how these cities compare with Shirley 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 Shirley Tax Rate
2.42%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shirley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61772 | 1.68% | 2.19% | 2.42% | 2.62% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Shirley, Illinois
In Shirley, 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 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 Shirley, 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 Shirley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Shirley is $3,247 in the 61772 zip code, which contrasts with the national median property tax rate of 0.99%.
Average Shirley Assessed Value
$142,971
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 Shirley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61772 | $70,983 | $92,208 | $142,971 | $181,917 | $244,077 |
Source: Ownwell
Property Tax Bills Across Shirley, Illinois
In Shirley, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the median home price, currently $142,971, and specific tax rates in McLean County play significant roles in this calculation. Homeowners in Shirley can expect property tax bills to vary widely. For instance, the 25th percentile tax bill is around $2,039, while the 75th percentile tax bill reaches up to $4,651. At the higher end, the 90th percentile tax bill can be as much as $6,626. These figures indicate a range of tax burdens depending on the property's assessed value and applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Shirley may find their tax bills to be relatively high or low, depending on their specific circumstances. This variability underscores the importance of understanding local tax assessments and potential exemptions to manage property tax obligations effectively.
Average Shirley Tax Bill
$3,247
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Shirley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61772 | $1,395 | $2,039 | $3,247 | $4,651 | $6,626 |
Source: Ownwell