Tolono, Illinois Property Taxes
The median property tax rate in Tolono, IL is 1.90%, considerably higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Tolono at $159,015, the typical annual property tax bill reaches $2,927, exceeding the national median of $2,690. Property taxes in Tolono 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 Tolono'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 Tolono 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
Tolono, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.9%
Estimate Property Tax Bill
$3,021
$2,804
Ownwell’s Tolono Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Tolono. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Tolono to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities and helps you plan accordingly. For those interested in more detailed insights, you can scroll down to explore trends at a neighborhood level. Your property’s assessed value, determined by Champaign County, is used for these calculations, considering any applicable exemptions.
Property Tax Rates Across Tolono, Illinois
Property taxes in Tolono, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tolono is 1.90%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tolono set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tolono 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 Tolono's effective property tax rate to other areas in Champaign County and the national median. For comparison, the 61880 zip code has both the highest and lowest median property tax rate in Champaign County at 1.90%. Understanding how these areas compare with Tolono 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 Tolono Tax Rate
1.90%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tolono, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61880 | 1.49% | 1.76% | 1.90% | 2.01% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Tolono, Illinois
In Tolono, 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 Assessment 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 Tolono, 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 Tolono helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tolono is $2,927, found in the 61880 zip code, while the lowest median tax bill is also $2,927 in the same zip code.
Average Tolono Assessed Value
$159,015
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 Tolono, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61880 | $88,080 | $117,712 | $159,015 | $223,718 | $272,037 |
Source: Ownwell
Property Tax Bills Across Tolono, Illinois
In Tolono, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Tolono is $159,015. Local taxing authorities determine the tax rate, which is then applied to the assessed value to calculate the tax bill. Various factors, such as local government budgets, school funding, and public services, influence the tax rate. Homeowners in Tolono can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $2,060, while the 75th percentile reaches $4,317, and the 90th percentile can go up to $5,390. These figures indicate a broad range of property tax burdens, reflecting differences in property values and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Tolono's rates can be higher, impacting homeowners' annual expenses and overall cost of living.
Average Tolono Tax Bill
$2,927
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Tolono, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61880 | $1,312 | $2,060 | $2,927 | $4,317 | $5,390 |
Source: Ownwell