Little York, Illinois Property Taxes
The median property tax rate in Little York, IL is 2.85%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $56,880 in Little York, the typical annual property tax bill amounts to $1,619, surpassing the national median of $2,690. Property taxes in Little York are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Little York's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Little York 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
Little York, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.85%
Estimate Property Tax Bill
$1,621
$1,584
Ownwell’s Little York Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little York with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little York 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 Little York, Illinois
Property taxes in Little York, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Little York is 2.85%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Little York set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little York 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 Little York's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61453 zip code has both the highest and lowest median property tax rate of 2.85%. Understanding how these areas compare with Little York provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little York Tax Rate
2.85%
Average Warren County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little York, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61453 | 2.24% | 2.64% | 2.85% | 2.85% | 2.85% |
Source: Ownwell
Property Tax Assessment Values Across Little York, Illinois
In Little York, 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 Warren 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 Little York, 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 Little York helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61453, with a median tax bill of $1,619.
Average Little York Assessed Value
$56,880
Average Warren County Assessed Value
$47,250
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little York, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61453 | $43,560 | $45,990 | $56,880 | $60,960 | $89,166 |
Source: Ownwell
Property Tax Bills Across Little York, Illinois
In Little York, located in Warren County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value. Homeowners in Little York can expect their property tax bills to vary significantly depending on the value of their properties. For instance, the median home price in Little York is $56,880. The property tax rate in the area influences the final tax bill, which can range from the 25th percentile at $1,213 to the 75th percentile at $1,735, and even up to the 90th percentile at $1,974. These tax bills are crucial for homeowners as they directly impact their annual housing costs. Compared to the national median property tax rate of 0.99%, the property taxes in Little York can be relatively high, reflecting the region's specific tax policies and assessed values. This variability underscores the importance of understanding local property tax calculations for effective financial planning.
Average Little York Tax Bill
$1,619
Average Warren County Tax Bill
$1,310
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Little York, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61453 | $1,201 | $1,213 | $1,619 | $1,735 | $1,974 |
Source: Ownwell