Liberty, Illinois Property Taxes
The median property tax rate in Liberty, IL is 2.12%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Liberty, the typical annual property tax bill reaches $872, which is significantly lower than the national median of $2,690. Property taxes in Liberty 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 Liberty'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 Liberty 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
Liberty, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.12%
Estimate Property Tax Bill
$1,112
$1,086
Ownwell’s Liberty Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Liberty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Liberty 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 Liberty, Illinois
Property taxes in Liberty, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Liberty is 2.12%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Liberty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Liberty 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 Liberty's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62347 has both the highest and lowest median property tax rate of 2.12%. Understanding how these cities compare with Liberty provides valuable insights into the varying tax landscape across Adams County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Liberty Tax Rate
2.12%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Liberty, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62347 | 1.61% | 2.07% | 2.12% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Liberty, Illinois
In Liberty, 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 Adams 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 Liberty, 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. For instance, the highest median tax bill in the area is $872 in the 62347 zip code, which is also the lowest median tax bill. Being aware of these valuation processes in Liberty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Liberty Assessed Value
$52,440
Average Adams County Assessed Value
$88,290
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Liberty, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62347 | $27,132 | $37,365 | $52,440 | $74,385 | $110,748 |
Source: Ownwell
Property Tax Bills Across Liberty, Illinois
In Liberty, Adams County, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of your property. Homeowners in Liberty can expect their property tax bills to vary significantly depending on the value of their homes. For instance, the median home price is $52,440, and property tax bills range from the 25th percentile at $640 to the 90th percentile at $2,345. Several factors influence the tax bill, including the property's location, size, and condition. The local tax rate, which is applied to the assessed value, also plays a crucial role. Compared to the national median property tax rate of 0.99%, Liberty's property tax rates can be quite variable. This variability can impact homeowners by creating a wide range of tax obligations, affecting their annual budgeting and long-term financial planning. Understanding these factors can help homeowners anticipate and manage their property tax responsibilities more effectively.
Average Liberty Tax Bill
$872
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Liberty, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62347 | $509 | $640 | $872 | $1,494 | $2,345 |
Source: Ownwell