Iroquois, Illinois Property Taxes
The median property tax rate in Iroquois, IL is 2.90%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Iroquois, the typical annual property tax bill reaches $1,020, exceeding the national median of $2,690. Property taxes in Iroquois 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 Iroquois'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 Iroquois 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
Iroquois, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.9%
Estimate Property Tax Bill
$1,020
$996
Ownwell’s Iroquois Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iroquois with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iroquois 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 Iroquois, Illinois
Property taxes in Iroquois, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iroquois is 2.90%, significantly higher than the U.S. national median of 0.99%. Local government entities within Iroquois set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iroquois 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 Iroquois's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60945 zip code has both the highest and lowest median property tax rate of 2.90%. Understanding how these areas compare with Iroquois provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iroquois Tax Rate
2.90%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iroquois, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60945 | 2.37% | 2.57% | 2.90% | 2.90% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Iroquois, Illinois
In Iroquois, 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 local assessment authorities 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 Iroquois, 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 Iroquois helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,020 in the 60945 zip code, which is also the zip code with the lowest median tax bill, reflecting a unique consistency in property tax assessments.
Average Iroquois Assessed Value
$35,160
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iroquois, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60945 | $22,224 | $27,075 | $35,160 | $59,595 | $74,256 |
Source: Ownwell
Property Tax Bills Across Iroquois, Illinois
In Iroquois County, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location, its assessed value, and the specific tax rates set by local taxing authorities. Homeowners in Iroquois can expect their property tax bills to vary. For instance, the median home price in the area is $35,160. Tax bills in the 25th percentile are around $786, while those in the 75th percentile reach approximately $1,449. The 90th percentile tax bill can be as high as $1,706. Comparatively, the national median property tax rate is 0.99%, and Iroquois County's rates reflect the local economic conditions and funding needs. Understanding these factors is crucial for homeowners to anticipate their property tax obligations accurately.
Average Iroquois Tax Bill
$1,020
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Iroquois, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60945 | $645 | $786 | $1,020 | $1,449 | $1,706 |
Source: Ownwell