Caledonia, Illinois Property Taxes
The median property tax rate in Caledonia, IL is 2.64%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Caledonia at $257,043, the typical annual property tax bill reaches $6,689, exceeding the national median of $2,690. Property taxes in Caledonia 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 Caledonia'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 Caledonia 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
Caledonia, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.64%
Estimate Property Tax Bill
$6,786
$6,631
Ownwell’s Caledonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caledonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caledonia 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 Caledonia, Illinois
Property taxes in Caledonia, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caledonia is 2.64%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Caledonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caledonia 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 Caledonia's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61011 zip code has both the highest and lowest median property tax rate of 2.64%. Understanding how these cities compare with Caledonia provides valuable insights into the varying tax landscape across Boone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caledonia Tax Rate
2.64%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caledonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61011 | 2.29% | 2.46% | 2.64% | 2.76% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Caledonia, Illinois
In Caledonia, 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 Boone County Assessor's Office 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 Caledonia, 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 zip code 61011 has the highest median tax bill at $6,689. Being aware of these valuation processes in Caledonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caledonia Assessed Value
$257,043
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caledonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61011 | $119,215 | $175,665 | $257,043 | $378,891 | $495,620 |
Source: Ownwell
Property Tax Bills Across Caledonia, Illinois
In Caledonia, Boone County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $257,043, the assessed value is determined by local assessors. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Caledonia can expect tax bills to vary significantly, with the 25th percentile at $4,322 and the 75th percentile reaching $10,088. At the higher end, the 90th percentile tax bill can be as much as $13,573. Several factors influence these tax bills, including property location, market conditions, and local government budgets. These taxes fund essential public services such as schools, infrastructure, and emergency services. Consequently, homeowners must budget for these taxes, as they can significantly impact annual expenses. The median property tax rate in Caledonia is notably higher than the national median of 0.99%, reflecting the local demand for quality public services and amenities.
Average Caledonia Tax Bill
$6,689
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Caledonia, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61011 | $2,797 | $4,322 | $6,689 | $10,088 | $13,573 |
Source: Ownwell