Allerton, Illinois Property Taxes
The median property tax rate in Allerton, IL is 2.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Allerton, the typical annual property tax bill reaches $4,124, exceeding the national median of $2,690. Property taxes in Allerton 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 Allerton'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 Allerton 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
Allerton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.04%
Estimate Property Tax Bill
$3,130
$3,058
Ownwell’s Allerton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allerton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allerton 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 Allerton, Illinois
Property taxes in Allerton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allerton is 2.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Allerton set these rates annually, and they can vary across different neighborhoods. Each year, Allerton 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 Allerton's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61810 has the highest median property tax rate of 2.04%, while the lowest median tax rate is also 2.04% in the same zip code. Understanding how these areas compare with Allerton provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allerton Tax Rate
2.04%
Average Douglas County Tax Rate
2.16%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | 1.99% | 2.01% | 2.04% | 2.99% | 4.67% |
Source: Ownwell
Property Tax Assessment Values Across Allerton, Illinois
In Allerton, 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 Douglas County Assessment Office 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 Allerton, 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. For instance, the median home price in Allerton is $153,427, with annual tax bills ranging from $3,137 at the 25th percentile to $5,544 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Allerton Assessed Value
$153,427
Average Douglas County Assessed Value
$101,652
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | $114,676 | $138,244 | $153,427 | $181,240 | $227,541 |
Source: Ownwell
Property Tax Bills Across Allerton, Illinois
In Allerton, located in Douglas County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Various factors, such as the property's size, location, and condition, contribute to its market value, which in turn influences the assessed value. Homeowners in Allerton face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is $3,137, while the 75th percentile tax bill is $5,259, and the 90th percentile tax bill reaches $5,544. These figures illustrate the range of property tax burdens within the community. Comparatively, the national median property tax rate is 0.99%, and Allerton's tax bills indicate a higher financial impact on homeowners. These taxes fund essential public services such as education, infrastructure, and emergency services, directly affecting the quality of life in the community.
Average Allerton Tax Bill
$4,124
Average Douglas County Tax Bill
$2,157
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Allerton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61810 | $3,119 | $3,137 | $4,124 | $5,259 | $5,544 |
Source: Ownwell