Walnut, Illinois Property Taxes
The median property tax rate in Walnut, IL is 2.35%, which matches the state median but is significantly higher than the national median of 0.99%. Given the median home value in Walnut is $89,226, the typical annual property tax bill amounts to $1,948, which is below the national median of $2,690. Property taxes in Walnut are determined based on the tax assessed value, which is generally less than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Walnut's property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you reside in Walnut or another part of Bureau County, understanding the local property tax structure is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$2,097
$1,946
Ownwell’s Walnut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut 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 Walnut, Illinois
Property taxes in Walnut, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut is 2.35%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walnut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61376 has the highest median property tax rate of 2.35%, while the same zip code also has the lowest median tax rate of 2.35%. Understanding how these cities compare with Walnut 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 Walnut Tax Rate
2.35%
Average Bureau County Tax Rate
2.33%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | 1.30% | 1.96% | 2.35% | 2.66% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Walnut, Illinois
In Walnut, 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 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. Assessment notices in Walnut 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Walnut, the zip code with the highest and lowest median tax bill is 61376, both at $1,948.
Average Walnut Assessed Value
$89,226
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 Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | $39,928 | $58,161 | $89,226 | $125,738 | $157,722 |
Source: Ownwell
Property Tax Bills Across Walnut, Illinois
In Walnut, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the Bureau County assessor’s office, which evaluates properties to establish their market value. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Walnut experience varying tax bills, with the 25th percentile paying around $1,171 and the 75th percentile paying up to $2,905. The highest tax bills, which fall in the 90th percentile, can reach $3,928. Compared to the national median property tax rate of 0.99%, Walnut's property tax rates can be relatively high, impacting the financial burden on homeowners. The median home price in Walnut is $89,226, which is a critical factor in determining the overall tax bill. Higher property values generally result in higher tax bills, affecting homeowners' annual expenses. This system ensures that property taxes are proportionate to the value of the property, aiming for fairness in the distribution of the tax burden.
Average Walnut Tax Bill
$1,948
Average Bureau County Tax Bill
$2,024
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | $685 | $1,171 | $1,948 | $2,905 | $3,928 |
Source: Ownwell