Stillman Valley, Illinois Property Taxes
The median property tax rate in Stillman Valley, IL is 2.48%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stillman Valley at $230,478, the typical annual property tax bill reaches $5,228, exceeding the national median of $2,690. Property taxes in Stillman Valley 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 Stillman Valley'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 Stillman Valley 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
Stillman Valley, 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 Stillman Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stillman Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stillman Valley 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 Stillman Valley, Illinois
Property taxes in Stillman Valley, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stillman Valley is 2.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Stillman Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stillman Valley 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 Stillman Valley's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61084 zip code 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 figures compare with Stillman Valley provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stillman Valley Tax Rate
2.48%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | 1.45% | 2.37% | 2.48% | 2.57% | 2.60% |
Source: Ownwell
Property Tax Assessment Values Across Stillman Valley, Illinois
In Stillman Valley, 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 Winnebago 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 Stillman Valley, 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 Stillman Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61084 in Stillman Valley has a median tax bill of $5,228, which is both the highest and lowest in the area.
Property Tax Assessment Values Across Stillman Valley, Illinois
Source: Ownwell
$6,363
$166,961
$327,558
Average Stillman Valley Assessed Value
$230,478
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | $158,916 | $173,724 | $230,478 | $284,820 | $316,830 |
Source: Ownwell
Property Tax Bills Across Stillman Valley, Illinois
In Stillman Valley, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate set by Winnebago County. The assessed value is typically a percentage of the property's market value, and this percentage can vary based on local regulations. For example, if a home in Stillman Valley has a median home price of $230,478, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Stillman Valley can expect to pay property taxes ranging from $3,674 at the 25th percentile to $8,152 at the 90th percentile. The median property tax bill in the area stands at $5,228, which is significantly higher than the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life and community resources available to residents.
Average Stillman Valley Tax Bill
$5,228
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | $2,858 | $3,674 | $5,228 | $6,803 | $8,152 |
Source: Ownwell