Walnut, Bureau County, Illinois Property Taxes

Name: Property Tax Bills Across Walnut, Bureau County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Walnut, IL effective property tax rate: 2.35%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Walnut, IL home value: $89,226
Median annual Walnut, IL tax bill: $1,948, $452 lower than the national median property tax bill of $2,400.

How are property taxes in Bureau calculated?

Property taxes in Walnut, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Walnut’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Walnut, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Walnut, Bureau County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.35%

Estimate Property Tax Bill

$2,097

$1,946

Ownwell’s Walnut Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, our calculator applies Walnut’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Bureau County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Walnut, Bureau County, Illinois

Local government entities determine tax rates, which can differ significantly within a state. This variation arises because each county annually calculates its budgetary needs to deliver services and then divides this by the total value of all taxable property within its area, resulting in the property tax rate. Although the process involves votes and legislation to set tax rates and budgets, this is the basic yearly procedure.

In Walnut, located in Bureau County, Illinois, the effective property tax rate stands at 2.35%, which is significantly higher than the national median property tax rate of 1.02%. This places Walnut among the areas with the highest property tax rates in Illinois. Comparing Walnut's rate to other cities in Illinois and the national median highlights the disparity in property tax burdens, emphasizing the importance of understanding local tax assessments.

For property owners in Walnut, this underscores the value of exploring property tax appeal and exemption services to potentially reduce their tax liability. By staying informed about how local tax rates are determined and how they compare to broader benchmarks, property owners can make more informed financial decisions.

Property Tax Rates Across Walnut, Bureau County, Illinois

Source: Ownwell

1.53%

2.27%

3.01%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Walnut Taxx Rate

2.35%

Median Effective Bureau County Taxx Rate

2.33%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Walnut, Bureau County, 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, Bureau County, Illinois

When examining property taxes in Walnut, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Bureau County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Bureau County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Walnut. For example, the median home price in Walnut is $89,226, with tax bills ranging significantly across the county. Zip code 61376 has the highest median home price at $89,226.

Property Tax Assessment Values Across Walnut, Bureau County, Illinois

Source: Ownwell

$45,459

$138,476

$231,492

Median Walnut Market Value

$89,226

Median Bureau County Market Value

$89,799

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Walnut, Bureau County, 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, Bureau County, Illinois

In Walnut, Bureau County, IL, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. This assessment is then multiplied by the local tax rate to determine the tax bill. Factors such as local government budgets, school district funding needs, and other municipal services influence the tax rate. Homeowners in Walnut face a median property tax bill of $1,948, which is below the national median of $2,400. However, depending on the property's assessed value and location, tax bills can range from $1,171 at the 25th percentile to $3,928 at the 90th percentile. High property taxes can strain homeowners' finances, making it essential to ensure that assessments are accurate. Ownwell offers expertise in property tax appeals, helping homeowners challenge their assessments. By reviewing property valuations and identifying discrepancies, Ownwell can potentially lower tax bills, offering significant savings and financial relief to homeowners in Walnut.

Property Tax Bills Across Walnut, Bureau County, Illinois

Source: Ownwell

$514

$2,463

$4,412

Median Walnut Tax Bill

$1,948

Median Bureau County Tax Bill

$2,024

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Walnut, Bureau County, 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