Woosung, Illinois Property Taxes
The median property tax rate in Woosung, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woosung at $98,960, the typical annual property tax bill reaches $2,011, which is below the national median of $2,690. Property taxes in Woosung 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 Woosung'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 Woosung 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
Woosung, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Woosung Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Woosung with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Woosung 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 Woosung, Illinois
Property taxes in Woosung, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woosung is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Woosung set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woosung 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 Woosung's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61091 zip code has the highest median property tax rate of 2.05%, while it also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Woosung provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Woosung Tax Rate
2.05%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woosung, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61091 | 1.26% | 1.88% | 2.05% | 2.42% | 2.42% |
Source: Ownwell
Property Tax Assessment Values Across Woosung, Illinois
In Woosung, 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 Ogle County Appraisal District 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 Woosung, 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 Woosung 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 61091, at $2011.00, which is also the lowest median tax bill in the area.
Average Woosung Assessed Value
$98,960
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Woosung, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61091 | $63,595 | $75,634 | $98,960 | $118,530 | $191,753 |
Source: Ownwell
Property Tax Bills Across Woosung, Illinois
In Woosung, located in Ogle County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Woosung is $98,960. Tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property’s location, the local tax rate, and any applicable exemptions. For example, the 25th percentile tax bill in Woosung is $1,551, while the 75th percentile tax bill is $2,394. At the 90th percentile, homeowners may see tax bills as high as $4,207. The highest median tax bill in the area is $2,011, indicating a significant variation within the region. Compared to the national median property tax rate of 0.99%, homeowners in Woosung may find themselves paying a higher or lower amount depending on these factors. This variability can significantly impact homeowners, influencing decisions related to property investment and long-term financial planning.
Average Woosung Tax Bill
$2,011
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woosung, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61091 | $822 | $1,551 | $2,011 | $2,394 | $4,207 |
Source: Ownwell