Albany, Illinois Property Taxes
The median property tax rate in Albany, Illinois is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Albany at $120,201, the typical annual property tax bill reaches $2,567, slightly below the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany 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
Albany, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$2,789
$2,725
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Illinois
Property taxes in Albany, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61230 zip code has both the highest and lowest median property tax rate of 2.32%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
2.32%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61230 | 1.51% | 1.87% | 2.32% | 2.53% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Illinois
In Albany, 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 Whiteside 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 Albany, 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Albany are both $2567.00, found in zip code 61230.
Average Albany Assessed Value
$120,201
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61230 | $52,517 | $90,219 | $120,201 | $154,224 | $201,591 |
Source: Ownwell
Property Tax Bills Across Albany, Illinois
In Albany, located in Whiteside County, IL, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Albany is $120,201. Local tax rates are then applied to this assessed value to calculate the tax bill. Various factors influence the final tax amount, including property location, home size, and any applicable exemptions. For homeowners in Albany, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $1,669, while at the 75th percentile, it rises to approximately $3,536. The 90th percentile sees tax bills as high as $4,788. The highest and lowest median tax bills in the area, both recorded at $2,567, highlight the range of property tax obligations that homeowners might face. Compared to the national median property tax rate of 0.99%, Albany's property tax rates reflect local economic conditions and government funding needs, impacting homeowners' annual expenses and overall financial planning.
Average Albany Tax Bill
$2,567
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61230 | $980 | $1,669 | $2,567 | $3,536 | $4,788 |
Source: Ownwell