Foosland, Illinois Property Taxes
The median property tax rate in Foosland, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Foosland at $112,200, the typical annual property tax bill reaches $2,153, slightly below the national median of $2,690. Property taxes in Foosland 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 Foosland'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 Foosland 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
Foosland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$2,367
$2,313
Ownwell’s Foosland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foosland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foosland 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 Foosland, Illinois
Property taxes in Foosland, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foosland is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Foosland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foosland 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 Foosland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61845 zip code has the highest median property tax rate of 2.11%, while the 61845 zip code has the lowest median tax rate of 2.11%. Understanding how these cities compare with Foosland provides valuable insights into the varying tax landscape across Champaign County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foosland Tax Rate
2.11%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | 1.21% | 1.88% | 2.11% | 2.44% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Foosland, Illinois
In Foosland, 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 Champaign 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 Foosland, 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 Foosland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,153 in the 61845 zip code, while the lowest median tax bill is also $2,153 in the same zip code.
Average Foosland Assessed Value
$112,200
Average Champaign County Assessed Value
$152,850
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | $17,544 | $48,450 | $112,200 | $187,830 | $294,192 |
Source: Ownwell
Property Tax Bills Across Foosland, Illinois
In Foosland, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax authorities determine the assessed value, and then a tax rate, set by various taxing districts, is applied. The median home price in Foosland is $112,200. Homeowners in this area can expect a wide range of property tax bills, from the 25th percentile at $811 to the 90th percentile reaching $6,555. The highest and lowest median tax bills in the region both stand at $2,153, indicating a significant variance depending on specific property assessments and applicable exemptions. These property taxes fund essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Foosland may experience varying financial impacts based on their individual property assessments and the specific rates levied by local taxing authorities.
Average Foosland Tax Bill
$2,153
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | $361 | $811 | $2,153 | $4,074 | $6,555 |
Source: Ownwell