Aledo, Illinois Property Taxes
The median property tax rate in Aledo, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Aledo being $154,762, the typical annual property tax bill reaches $3,707, exceeding the national median of $2,690. Property taxes in Aledo 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 Aledo'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 Aledo 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
Aledo, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$3,946
$3,856
Ownwell’s Aledo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Aledo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Aledo 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 Aledo, Illinois
Property taxes in Aledo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Aledo is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Aledo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Aledo 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 Aledo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61231 zip code has the highest median property tax rate of 2.55%, while the same zip code also has the lowest median tax rate of 2.55%. Understanding how these cities compare with Aledo provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Aledo Tax Rate
2.55%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Aledo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61231 | 1.88% | 2.25% | 2.55% | 2.67% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Aledo, Illinois
In Aledo, 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 Mercer 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 Aledo, 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 Aledo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,707 in the 61231 zip code, indicating a uniformity in tax assessments.
Average Aledo Assessed Value
$154,762
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Aledo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61231 | $38,098 | $84,195 | $154,762 | $263,563 | $381,887 |
Source: Ownwell
Property Tax Bills Across Aledo, Illinois
In Aledo, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. For example, with a median home price of $154,762 in Aledo, the tax bill can vary significantly. Homeowners at the 25th percentile can expect a tax bill around $1,988, while those at the 75th percentile could see a bill as high as $6,517. At the 90th percentile, the tax bill can reach up to $9,906. Various factors influence these calculations, including the property's location, size, and any improvements made. The local tax rate, set by Mercer County, also plays a crucial role. Compared to the national median property tax rate of 0.99%, Aledo's rates can be higher or lower depending on specific circumstances. These tax bills directly impact homeowners, influencing their annual budgets and long-term financial planning. Understanding these factors helps homeowners anticipate their property tax obligations accurately.
Average Aledo Tax Bill
$3,707
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Aledo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61231 | $926 | $1,988 | $3,707 | $6,517 | $9,906 |
Source: Ownwell