Normal, Illinois Property Taxes
The median property tax rate in Normal, IL is 2.68%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Normal, the typical annual property tax bill reaches $4,482, surpassing the national median of $2,690. Property taxes in Normal 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 Normal'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 Normal 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
Normal, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$4,552
$4,448
Ownwell’s NORMAL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORMAL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORMAL 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 Normal, Illinois
Property taxes in Normal, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Normal is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Normal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Normal 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 Normal's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61761 has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these cities compare with Normal 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 Normal Tax Rate
2.68%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Normal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61761 | 2.32% | 2.54% | 2.68% | 2.79% | 2.99% |
Source: Ownwell
Property Tax Assessment Values Across Normal, Illinois
In Normal, 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 Normal, 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. For example, the median home price in Normal is $169,869, with tax bills ranging from $3,528 at the 25th percentile to $7,595 at the 90th percentile. The highest and lowest median tax bills, both at $4,482, are found in the 61761 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Normal Assessed Value
$169,869
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 Normal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61761 | $106,765 | $138,368 | $169,869 | $217,323 | $275,122 |
Source: Ownwell
Property Tax Bills Across Normal, Illinois
In Normal, located in McLean 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 Normal is $169,869. Property taxes are then determined by applying the local tax rate to this assessed value. Various factors influence the final tax bill, including property characteristics, local government budgets, and public service funding needs. Homeowners in Normal can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $3,528, while the 75th percentile tax bill can reach up to $5,872. At the higher end, the 90th percentile tax bill is approximately $7,595. The highest and lowest median tax bills in the area are both recorded at $4,482 in the 61761 zip code. Compared to the national median property tax rate of 0.99%, Normal's property taxes can be substantial, impacting homeowners' annual financial planning and overall affordability of living in the area.
Average Normal Tax Bill
$4,482
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Normal, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61761 | $2,620 | $3,528 | $4,482 | $5,872 | $7,595 |
Source: Ownwell