Stanford, Illinois Property Taxes
The median property tax rate in Stanford, IL is 2.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stanford, the typical annual property tax bill reaches $2,714, exceeding the national median of $2,690. Property taxes in Stanford 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 Stanford'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 Stanford 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
Stanford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.81%
Estimate Property Tax Bill
$2,855
$2,791
Ownwell’s Stanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanford 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 Stanford, Illinois
Property taxes in Stanford, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanford is 2.81%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanford 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 Stanford's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61774 zip code has the highest median property tax rate of 2.81%, while the same zip code also has the lowest median tax rate of 2.81%. Understanding how these cities compare with Stanford 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 Stanford Tax Rate
2.81%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | 1.93% | 2.51% | 2.81% | 3.07% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Illinois
In Stanford, 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 Stanford, 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 Stanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Stanford are both $2,714, found in the 61774 zip code.
Average Stanford Assessed Value
$101,613
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 Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $29,626 | $63,914 | $101,613 | $147,052 | $217,437 |
Source: Ownwell
Property Tax Bills Across Stanford, Illinois
In Stanford, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, this means that the assessed value is multiplied by the local tax rate to determine the annual tax bill. Several factors are considered in this process, including the property's location, size, and condition, as well as any applicable exemptions. Homeowners in Stanford can expect tax bills that vary significantly. The 25th percentile tax bill is around $1,482, while the 75th percentile tax bill reaches $4,245. For those in the 90th percentile, the tax bill can be as high as $6,044. These figures highlight the wide range of property tax burdens within the community. Comparatively, the national median property tax rate is 0.99%, making it essential for Stanford homeowners to understand their specific tax obligations. The highest and lowest median tax bills in McLean County, both at $2,714, underscore the variability even within the same region. Understanding these factors can help homeowners better anticipate and manage their property tax responsibilities.
Average Stanford Tax Bill
$2,714
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $735 | $1,482 | $2,714 | $4,245 | $6,044 |
Source: Ownwell