Lovington, Illinois Property Taxes
The median property tax rate in Lovington, IL is 1.84%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lovington, the typical annual property tax bill reaches $1,321, which is still below the national median of $2,690. Property taxes in Lovington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lovington'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 Lovington or another part of Moultrie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lovington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.84%
Estimate Property Tax Bill
$1,434
$1,401
Ownwell’s Lovington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovington 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 Lovington, Illinois
Property taxes in Lovington, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovington is 1.84%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lovington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovington 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 Lovington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61937 zip code has both the highest and lowest median property tax rate of 1.84%. Understanding how these areas compare with Lovington provides valuable insights into the varying tax landscape across Moultrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovington Tax Rate
1.84%
Average Moultrie County Tax Rate
2.15%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | 0.94% | 1.50% | 1.84% | 2.30% | 2.46% |
Source: Ownwell
Property Tax Assessment Values Across Lovington, Illinois
In Lovington, 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 Moultrie 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 Lovington, 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 Lovington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lovington is $77,919, with tax bills ranging from $743 at the 25th percentile to $4,245 at the 90th percentile. The zip code 61937 has the highest median tax bill at $1,321.
Average Lovington Assessed Value
$77,919
Average Moultrie County Assessed Value
$97,648
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $22,952 | $48,071 | $77,919 | $120,700 | $188,267 |
Source: Ownwell
Property Tax Bills Across Lovington, Illinois
In Lovington, located in Moultrie County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence this calculation, including property characteristics, local government budgets, and public service funding needs. For homeowners in Lovington, the median home price stands at $77,919, with tax bills ranging from $743 at the 25th percentile to $4,245 at the 90th percentile. Comparatively, the highest and lowest median tax bills in the area both stand at $1,321, indicating a relatively consistent tax rate across different properties. The local tax rate can significantly impact homeowners, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Lovington better anticipate their annual financial obligations and plan accordingly.
Average Lovington Tax Bill
$1,321
Average Moultrie County Tax Bill
$2,121
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $332 | $743 | $1,321 | $2,286 | $4,245 |
Source: Ownwell