Lexington, Illinois Property Taxes
The median property tax rate in Lexington, IL is 2.62%, considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Lexington at $151,668, the typical annual property tax bill reaches $3,864, exceeding the national median of $2,690. Property taxes in Lexington are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lexington'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 Lexington or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.62%
Estimate Property Tax Bill
$3,974
$3,883
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, Illinois
Property taxes in Lexington, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 2.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61753 zip code has the highest median property tax rate of 2.62%, while the same zip code also has the lowest median tax rate of 2.62%. Understanding how these cities compare with Lexington 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 Lexington Tax Rate
2.62%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61753 | 2.11% | 2.42% | 2.62% | 2.75% | 3.02% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Illinois
In Lexington, 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 McLean 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 Lexington, 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lexington is $3,864 in the 61753 zip code, while the lowest median tax bill is also $3,864 in the same zip code.
Average Lexington Assessed Value
$151,668
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 Lexington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61753 | $84,720 | $110,805 | $151,668 | $198,543 | $289,698 |
Source: Ownwell
Property Tax Bills Across Lexington, Illinois
In Lexington, located within McLean County, IL, property tax bills are determined by the assessed value of the home, which is typically a percentage of the market value. The median home price in Lexington is $151,668. Property taxes are then calculated by applying the local tax rate to this assessed value. Various factors influence the final tax bill, including changes in home values, local government budgets, and specific exemptions for which the homeowner may qualify. For instance, homeowners in Lexington can expect a tax bill ranging from $2,704 at the 25th percentile to $8,017 at the 90th percentile, depending on the assessed value and applicable exemptions. These figures highlight the variability in tax bills, which can significantly impact household budgets. The highest median tax bill in the area is $3,864, indicating that Lexington's property taxes can be relatively high compared to the national median property tax rate of 0.99%. This emphasizes the importance of understanding how local property taxes are calculated and managed.
Average Lexington Tax Bill
$3,864
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61753 | $1,890 | $2,704 | $3,864 | $5,351 | $8,017 |
Source: Ownwell