Lovejoy, Illinois Property Taxes
The median property tax rate in Lovejoy, IL is 4.60%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lovejoy, the typical annual property tax bill reaches $575, which is significantly lower than the national median of $2,690. Property taxes in Lovejoy are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lovejoy'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 Lovejoy or another part of St. Clair County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lovejoy, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.6%
Estimate Property Tax Bill
$713
$697
Ownwell’s Lovejoy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lovejoy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovejoy 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 Lovejoy, Illinois
Property taxes in Lovejoy, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovejoy is 4.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lovejoy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovejoy 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 Lovejoy's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62059 has both the highest and lowest median property tax rate of 4.60%. Understanding how these areas compare with Lovejoy provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovejoy Tax Rate
4.60%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovejoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62059 | 1.90% | 4.60% | 4.60% | 4.60% | 4.60% |
Source: Ownwell
Property Tax Assessment Values Across Lovejoy, Illinois
In Lovejoy, 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 St. Clair 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 Lovejoy, 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 Lovejoy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $575.00 in the 62059 zip code.
Average Lovejoy Assessed Value
$15,501
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lovejoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62059 | $1,395 | $5,555 | $15,501 | $20,633 | $30,192 |
Source: Ownwell
Property Tax Bills Across Lovejoy, Illinois
In Lovejoy, located in St. Clair County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the property's market value. For instance, a median home price in Lovejoy is $15,501. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Lovejoy can expect tax bills to vary significantly. For example, the 25th percentile tax bill is around $118, while the 75th percentile tax bill reaches $859. At the higher end, the 90th percentile tax bill is $1,330. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Lovejoy's property tax rates offer a diverse range of financial implications for homeowners.
Average Lovejoy Tax Bill
$575
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovejoy, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62059 | $55 | $118 | $575 | $859 | $1,330 |
Source: Ownwell