Urbana, Illinois Property Taxes
The median property tax rate in Urbana, IL is 3.02%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Urbana at $130,950, the typical annual property tax bill reaches $3,826, far exceeding the national median of $2,690. Property taxes in Urbana are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Urbana'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 Urbana 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
Urbana, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.02%
Estimate Property Tax Bill
$3,955
$3,670
Ownwell’s Urbana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Urbana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbana 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 Urbana, Illinois
Property taxes in Urbana, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 3.02%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61801 zip code has the highest median property tax rate of 3.17%, while the 61802 zip code has the lowest median tax rate of 2.88%. Understanding how these areas compare with Urbana 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 Urbana Tax Rate
3.02%
Average Champaign County Tax Rate
2.54%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61801 | 2.28% | 2.88% | 3.17% | 3.61% | 3.61% |
| 61802 | 1.96% | 2.37% | 2.88% | 3.18% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Illinois
In Urbana, 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 Urbana, 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 Urbana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $4,265 in the 61801 zip code, while the lowest median tax bill is $3,460 in the 61802 zip code.
Average Urbana Assessed Value
$130,950
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 Urbana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61801 | $53,979 | $86,408 | $136,290 | $187,042 | $243,174 |
| 61802 | $51,072 | $76,785 | $125,580 | $187,755 | $279,474 |
Source: Ownwell
Property Tax Bills Across Urbana, Illinois
In Urbana, located in Champaign County, IL, property tax bills are calculated based on the assessed value of a home, which typically represents a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors influencing this calculation include the property's market value, assessment level, and any applicable exemptions or deductions. For homeowners in Urbana, the median home price stands at $130,950. Property tax bills can vary significantly, with the 25th percentile at $2,250 and the 75th percentile reaching $5,784. At the 90th percentile, tax bills can be as high as $7,981. The highest median tax bill in Urbana is $4,265 in the 61801 zip code, while the lowest is $3,460 in the 61802 zip code. Compared to the national median property tax rate of 0.99%, Urbana's property taxes can be relatively high, impacting homeowners' annual expenses and potentially influencing their financial planning and homeownership decisions.
Average Urbana Tax Bill
$3,826
Average Champaign County Tax Bill
$3,816
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61801 | $1,355 | $2,536 | $4,265 | $6,045 | $7,970 |
| 61802 | $953 | $1,983 | $3,460 | $5,336 | $7,987 |
Source: Ownwell