Pontiac, Illinois Property Taxes
The median property tax rate in Pontiac, IL, is 3.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Pontiac, the typical annual property tax bill reaches $3,410, exceeding the national median of $2,690. Property taxes in Pontiac 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 Pontiac'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 Pontiac 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
Pontiac, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$3,168
$3,096
Ownwell’s Pontiac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pontiac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pontiac 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 Pontiac, Illinois
Property taxes in Pontiac, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pontiac is 3.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pontiac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pontiac 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 Pontiac's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61764 zip code has the highest median property tax rate of 3.07%, while the same zip code also has the lowest median tax rate of 3.07%. Understanding how these cities compare with Pontiac provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pontiac Tax Rate
3.07%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pontiac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61764 | 2.14% | 2.68% | 3.07% | 3.35% | 3.35% |
Source: Ownwell
Property Tax Assessment Values Across Pontiac, Illinois
In Pontiac, 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 Livingston 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 Pontiac, 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 Pontiac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Pontiac are both $3,410, found in the 61764 zip code.
Average Pontiac Assessed Value
$103,203
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pontiac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61764 | $45,629 | $78,855 | $103,203 | $182,928 | $262,556 |
Source: Ownwell
Property Tax Bills Across Pontiac, Illinois
In Pontiac, Illinois, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value, determined by the county assessor. Once the property is assessed, the tax rate, set by local taxing authorities, is applied to this value. For homeowners in Pontiac, the median home price is $103,203, and property tax rates can significantly impact annual expenses. Factors such as the property's location, size, and improvements contribute to its assessed value. Additionally, local government budgets and funding needs influence the tax rate. For instance, in Livingston County, the median tax bill stands at $3,410, with the 25th percentile at $2,184 and the 75th percentile at $5,564. The 90th percentile tax bill can go up to $8,564, illustrating the range in property tax burdens. These taxes fund essential services like schools, public safety, and infrastructure, directly affecting homeowners' financial planning and community quality of life. Comparing this with the national median property tax rate of 0.99%, Pontiac's rates highlight the localized nature of property tax burdens.
Average Pontiac Tax Bill
$3,410
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pontiac, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61764 | $1,542 | $2,184 | $3,410 | $5,564 | $8,564 |
Source: Ownwell