Liverpool, Illinois Property Taxes
The median property tax rate in Liverpool, IL is 3.03%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Liverpool, the typical annual property tax bill reaches $866, which is below the national median of $2,690. Property taxes in Liverpool are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Grasping Liverpool's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Liverpool or another part of Fulton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Liverpool, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$816
$798
Ownwell’s Liverpool Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liverpool with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liverpool 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 Liverpool, Illinois
Property taxes in Liverpool, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liverpool is 3.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Liverpool set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liverpool 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 Liverpool's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61543 zip code has the highest median property tax rate of 3.03%, while the same zip code also has the lowest median tax rate of 3.03%. Understanding how these cities compare with Liverpool provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liverpool Tax Rate
3.03%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liverpool, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61543 | 1.56% | 2.35% | 3.03% | 3.04% | 3.04% |
Source: Ownwell
Property Tax Assessment Values Across Liverpool, Illinois
In Liverpool, 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 Fulton 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 Liverpool, 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 Liverpool helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $866.00, found in the zip code 61543.
Average Liverpool Assessed Value
$26,937
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liverpool, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61543 | $4,871 | $8,806 | $26,937 | $50,323 | $80,306 |
Source: Ownwell
Property Tax Bills Across Liverpool, Illinois
In Liverpool, Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Liverpool is $26,937. Property taxes are then determined by applying the local tax rate to this assessed value. The tax rate in Liverpool can vary, but it is essential to note that the national median property tax rate is 0.99%. Several factors influence property tax bills, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Liverpool is $525, while the 75th percentile tax bill is $1,097, and the 90th percentile tax bill reaches $1,347. Homeowners in Liverpool may find these taxes affect their annual budgets significantly, especially when compared to the highest and lowest median tax bills in the county, which both stand at $866 in zip code 61543. Understanding these factors can help homeowners better anticipate their property tax obligations.
Average Liverpool Tax Bill
$866
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Liverpool, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61543 | $352 | $525 | $866 | $1,097 | $1,347 |
Source: Ownwell