Lima, Illinois Property Taxes
The median property tax rate in Lima, IL is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lima at $23,700, the typical annual property tax bill reaches $581, which is significantly lower than the national median of $2,690. Property taxes in Lima 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 Lima'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 Lima 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
Lima, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$581
$539
Ownwell’s Lima Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lima with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lima to estimate your property tax bill. This valuable 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 Lima, Illinois
Property taxes in Lima, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lima is 2.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lima set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lima 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 Lima's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62348 zip code has both the highest and lowest median property tax rates at 2.45%. Understanding how these cities compare with Lima 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 Lima Tax Rate
2.45%
Average Adams County Tax Rate
2.23%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lima, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62348 | 2.45% | 2.45% | 2.45% | 2.45% | 2.45% |
Source: Ownwell
Property Tax Assessment Values Across Lima, Illinois
In Lima, 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 Lima, 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 Lima helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lima both stand at $581, with the zip code 62348 reflecting this value.
Average Lima Assessed Value
$23,700
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 Lima, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62348 | $23,700 | $23,700 | $23,700 | $23,700 | $23,700 |
Source: Ownwell
Property Tax Bills Across Lima, Illinois
In Lima, Adams County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lima is $23,700. Homeowners in this area can expect a property tax bill around $581, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity indicates a stable property tax rate within the city. The tax bill is influenced by several factors, including the assessed value of the property and the local tax rate set by Adams County. Compared to the national median property tax rate of 0.99%, Lima's property taxes are relatively predictable, providing homeowners with a clear expectation of their annual obligations. This consistency in property tax bills can be beneficial for budgeting and financial planning, ensuring that homeowners are not caught off guard by unexpected increases.
Average Lima Tax Bill
$581
Average Adams County Tax Bill
$1,937
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lima, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62348 | $581 | $581 | $581 | $581 | $581 |
Source: Ownwell