Flora, Illinois Property Taxes
The median property tax rate in Flora, IL is 1.94%, nearly double the national median of 0.99% but below the Illinois state median of 2.35%. With the median home value in Flora at $40,888, the typical annual property tax bill is $761, which is significantly lower than the national median of $2,690. Property taxes in Flora are calculated based on the assessed value, often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Flora'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 Flora or another part of the city, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flora, 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 Flora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flora 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 Flora, Illinois
Property taxes in Flora, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flora is 1.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flora 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 Flora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62839 zip code has the median property tax rate of 1.94%. Understanding how these cities compare with Flora provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flora Tax Rate
1.94%
Average Clay County Tax Rate
1.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | 0.68% | 1.25% | 1.94% | 2.65% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Flora, Illinois
In Flora, 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 Clay 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 Flora, 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 Flora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Flora's median home price is $40,888 with the highest and lowest median tax bill being $761.00 in the 62839 zip code.
Average Flora Assessed Value
$40,888
Average Clay County Assessed Value
$42,012
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | $9,728 | $18,814 | $40,888 | $81,916 | $135,616 |
Source: Ownwell
Property Tax Bills Across Flora, Illinois
In Flora, located in Clay County, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, determined by the county assessor. Various factors influence this assessed value, including property size, location, and market conditions. Homeowners in Flora see a range of property tax bills. For instance, the tax bill at the 25th percentile is $283, while at the 75th percentile, it rises to $1,768. The tax bill at the 90th percentile can reach as high as $2,863. The median home price in Flora is $40,888, and the property tax rate in Clay County is relatively competitive compared to the national median property tax rate of 0.99%. These tax bills significantly impact homeowners, influencing their overall housing costs and potentially affecting their ability to buy or sell property. Understanding these factors can help homeowners better manage their financial planning and obligations.
Average Flora Tax Bill
$761
Average Clay County Tax Bill
$639
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | $121 | $283 | $761 | $1,768 | $2,863 |
Source: Ownwell