Ladd, Illinois Property Taxes
The median property tax rate in Ladd, IL is 3.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ladd at $89,385, the typical annual property tax bill reaches $2,539, slightly below the national median of $2,690. Property taxes in Ladd 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 Ladd'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 Ladd 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
Ladd, 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 Ladd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ladd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ladd 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 Ladd, Illinois
Property taxes in Ladd, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ladd stands at 3.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Ladd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ladd 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 Ladd's effective property tax rate to other counties in Illinois and the national median. For comparison, the highest and lowest median property tax rates in Bureau County are both 3.01%, reflecting the uniformity within the area. Understanding how these cities compare with Ladd provides valuable insights into the varying tax landscape across Bureau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ladd Tax Rate
3.01%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ladd, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61329 | 1.70% | 2.49% | 3.01% | 3.42% | 3.88% |
Source: Ownwell
Property Tax Assessment Values Across Ladd, Illinois
In Ladd, 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 Bureau 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 Ladd, 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 Ladd helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61329 has the highest median tax bill of $2,539, while the lowest median tax bill is also $2,539 in the same zip code.
Average Ladd Assessed Value
$89,385
Average Bureau County Assessed Value
$89,799
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ladd, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61329 | $43,188 | $64,362 | $89,385 | $135,543 | $182,228 |
Source: Ownwell
Property Tax Bills Across Ladd, Illinois
In Ladd, located in Bureau County, IL, property tax bills are determined by several key factors. The primary component is the assessed value of the property, which is a percentage of its market value. Local tax rates, set by various taxing authorities such as school districts and municipalities, are then applied to this assessed value. Homeowners in Ladd experience a range of property tax bills. For instance, the 25th percentile tax bill is around $1,541, while the 75th percentile tax bill is approximately $4,139. The 90th percentile tax bill can reach as high as $6,028. This variation is influenced by differences in property values and the specific tax rates applied. Comparatively, the median property tax rate in Ladd is higher than the national median of 0.99%, reflecting the local funding needs for public services and infrastructure. For homeowners, this means that understanding the assessed value of their property and the applicable tax rates is crucial to anticipating their annual property tax obligations.
Average Ladd Tax Bill
$2,539
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ladd, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61329 | $907 | $1,541 | $2,539 | $4,139 | $6,028 |
Source: Ownwell