Logan, Illinois Property Taxes
The median property tax rate in Logan, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Logan at $30,262, the typical annual property tax bill reaches $597, which is below the national median of $2,690. Property taxes in Logan 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 Logan'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 Logan or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Logan, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$723
$707
Ownwell’s Logan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Logan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Logan 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 Logan, Illinois
Property taxes in Logan, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Logan stands at 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Logan set these rates annually, and they can vary across different neighborhoods. Each year, Logan 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 Logan's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62856 has the highest median property tax rate of 2.39%, while the same zip code also has the lowest median tax rate of 2.39%. Understanding how these areas compare with Logan provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Logan Tax Rate
2.39%
Average Franklin County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Logan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62856 | 0.25% | 0.82% | 2.39% | 2.70% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Logan, Illinois
In Logan, 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 Franklin 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. 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 Logan is $30,262, with tax bills ranging from the 25th percentile at $85 to the 90th percentile at $1,953. The highest and lowest median tax bills are both $597, found in the 62856 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Logan Assessed Value
$30,262
Average Franklin County Assessed Value
$55,530
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Logan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62856 | $3,063 | $5,936 | $30,262 | $62,426 | $90,951 |
Source: Ownwell
Property Tax Bills Across Logan, Illinois
In Logan, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate. In Franklin County, where Logan is located, the median home price is $30,262. Property tax bills can vary significantly; for instance, the 25th percentile tax bill is $85, while the 75th percentile tax bill is $1,578. The highest median tax bill in the area is $597, found in the zip code 62856. Several factors influence the tax bill, including changes in the market value of the property, local government budgets, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, homeowners in Logan may find their tax bills to be relatively manageable. Understanding how these elements interact helps homeowners anticipate their financial obligations and plan accordingly.
Average Logan Tax Bill
$597
Average Franklin County Tax Bill
$1,464
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Logan, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62856 | $23 | $85 | $597 | $1,578 | $1,953 |
Source: Ownwell