El Paso, Illinois Property Taxes
The median property tax rate in El Paso, IL is 2.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in El Paso, the typical annual property tax bill reaches $3,975, exceeding the national median of $2,690. Property taxes in El Paso 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 El Paso'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 El Paso 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
El Paso, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$3,613
$3,530
Ownwell’s El Paso Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in El Paso with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in El Paso to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in trends at the neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across El Paso, Illinois
Property taxes in El Paso, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in El Paso is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within El Paso set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Paso 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 El Paso's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61738 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with El Paso provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average El Paso Tax Rate
2.28%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 1.63% | 1.95% | 2.28% | 2.40% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in El Paso, Illinois. The market value represents 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 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 El Paso, 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 El Paso is $158,445, with tax bills ranging from $2,394 at the 25th percentile to $5,320 at the 90th percentile. The zip code with the highest median tax bill is 61738, with a value of $3,975. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average El Paso Assessed Value
$158,445
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $118,756 | $122,805 | $158,445 | $193,935 | $219,003 |
Source: Ownwell
Property Tax Bills Across El Paso, Illinois
In El Paso, Illinois, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as the home's location within McLean County, the local school district, and other municipal services can influence the tax rate. For example, with a median home price of $158,445 in El Paso, homeowners can expect varying tax bills. The 25th percentile tax bill is around $2,394, while the 75th percentile tax bill reaches $4,376. Those in the 90th percentile face tax bills as high as $5,320. These variations illustrate how property taxes can significantly impact homeowners' annual expenses. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in El Paso to understand their specific tax obligations. This knowledge helps homeowners budget effectively and anticipate their annual financial responsibilities.
Average El Paso Tax Bill
$3,975
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $2,070 | $2,394 | $3,975 | $4,376 | $5,320 |
Source: Ownwell