Pawnee, Illinois Property Taxes
The median property tax rate in Pawnee, IL is 2.48%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $387,270 in Pawnee, the typical annual property tax bill reaches $9,760, far exceeding the national median of $2,690. Property taxes in Pawnee are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Pawnee'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 Pawnee 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
Pawnee, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Pawnee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pawnee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pawnee 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 Pawnee, Illinois
Property taxes in Pawnee, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pawnee is 2.48%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Pawnee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pawnee 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 Pawnee's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62558 has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Pawnee provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pawnee Tax Rate
2.48%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pawnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62558 | 2.43% | 2.45% | 2.48% | 2.50% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Pawnee, Illinois
In Pawnee, 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 Montgomery 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 Pawnee, 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 Pawnee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Pawnee, the zip code with the highest median tax bill is 62558, with a tax bill of $9,760, while the lowest median tax bill is also in zip code 62558, with the same value.
Average Pawnee Assessed Value
$387,270
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pawnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62558 | $246,438 | $299,250 | $387,270 | $402,495 | $411,630 |
Source: Ownwell
Property Tax Bills Across Pawnee, Illinois
In Pawnee, located in Montgomery County, IL, 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 tax bill. For instance, if the median home price in Pawnee is $387,270, homeowners can expect to pay a significant amount in property taxes. The tax bill for homes in the 25th percentile is around $7,436, while those in the 75th percentile see bills closer to $10,058. Factors influencing these tax bills include the property's assessed value, local tax rates, and any applicable exemptions. Higher assessed values and tax rates result in higher tax bills, directly impacting homeowners' annual expenses. Comparatively, the national median property tax rate is 0.99%, which can help homeowners gauge how Pawnee's rates align with national standards. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Pawnee Tax Bill
$9,760
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Pawnee, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62558 | $6,042 | $7,436 | $9,760 | $10,058 | $10,238 |
Source: Ownwell