Loraine, Illinois Property Taxes
The median property tax rate in Loraine, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Loraine at $39,810, the typical annual property tax bill reaches $1,024, exceeding the national median of $2,690. Property taxes in Loraine 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 Loraine'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 Loraine 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
Loraine, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.57%
Estimate Property Tax Bill
$1,023
$1,000
Ownwell’s Loraine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loraine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loraine 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 Loraine, Illinois
Property taxes in Loraine, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loraine is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Loraine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loraine 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 Loraine's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62349 zip code has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Loraine provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loraine Tax Rate
2.57%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loraine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62349 | 2.57% | 2.57% | 2.57% | 2.59% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Loraine, Illinois
In Loraine, 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 Adams 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 Loraine, 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 Loraine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 62349 has the highest median tax bill at $1,024, while the lowest median tax bill is also in the same zip code at $1,024.
Average Loraine Assessed Value
$39,810
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loraine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62349 | $26,922 | $31,755 | $39,810 | $54,975 | $64,074 |
Source: Ownwell
Property Tax Bills Across Loraine, Illinois
In Loraine, Adams County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $39,810, homeowners can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $821, while the 75th percentile tax bill reaches up to $1,414, and the 90th percentile peaks at $1,647. These figures suggest that property taxes in Loraine can be a considerable expense for homeowners, especially when compared to the national median property tax rate of 0.99%. Factors such as property location, home improvements, and local government budgets further influence the tax bill. Understanding these elements is crucial for homeowners as property taxes directly impact their annual financial planning and overall cost of homeownership.
Average Loraine Tax Bill
$1,024
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Loraine, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62349 | $700 | $821 | $1,024 | $1,414 | $1,647 |
Source: Ownwell