Loves Park, Illinois Property Taxes
The median property tax rate in Loves Park, IL is 2.68%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Loves Park at $117,420, the typical annual property tax bill reaches $3,032, exceeding the national median of $2,690. Property taxes in Loves Park are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Loves Park'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 Loves Park 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
Loves Park, 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 Loves Park Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Loves Park with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Loves Park to provide an estimate of your property tax bill. This user-friendly tool offers valuable insights into your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Winnebago County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Loves Park, Illinois
Property taxes in Loves Park, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loves Park is 2.68%, significantly higher than the U.S. national median of 0.99%. Local government entities within Loves Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loves Park 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 Loves Park's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61111 zip code has the highest median property tax rate of 2.68%, while the 61115 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Loves Park provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loves Park Tax Rate
2.68%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loves Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61111 | 1.57% | 2.42% | 2.68% | 2.89% | 3.25% |
| 61115 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Loves Park, Illinois
In Loves Park, 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 Winnebago 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 Loves Park, 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. For instance, the median home price in Loves Park is $117,420, with tax bills ranging from $2,264 at the 25th percentile to $5,612 at the 90th percentile. The highest median tax bill is $3,032 in zip code 61111, while the lowest median tax bill is $1,128 in zip code 61115. By understanding 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 Loves Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loves Park Assessed Value
$117,420
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loves Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61111 | $80,185 | $95,798 | $117,422 | $161,110 | $202,364 |
| 61115 | $92,919 | $92,919 | $92,919 | $92,919 | $92,919 |
Source: Ownwell
Property Tax Bills Across Loves Park, Illinois
In Loves Park, located in Winnebago County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value typically represents a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's location, improvements, and market trends are considered in this valuation process. Homeowners in Loves Park experience a range of tax bills. For example, the 25th percentile tax bill is around $2,264, while the 75th percentile tax bill is approximately $4,326. At the higher end, the 90th percentile tax bill reaches $5,612. The median home price in the area is $117,420, which influences these tax amounts. Compared to the national median property tax rate of 0.99%, Loves Park's property tax rates reflect the local economic conditions and public service funding needs, directly impacting homeowners' annual financial planning.
Average Loves Park Tax Bill
$3,032
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Loves Park, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61111 | $1,412 | $2,264 | $3,032 | $4,327 | $5,612 |
| 61115 | $1,128 | $1,128 | $1,128 | $1,128 | $1,128 |
Source: Ownwell