Westfield, Illinois Property Taxes
The median property tax rate in Westfield, IL is 2.39%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $101,824 in Westfield, the typical annual property tax bill is $2,574, which is just shy of the national median of $2,690. Property taxes in Westfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Gaining a thorough understanding of Westfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Westfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Westfield, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Westfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Westfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Westfield 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 Westfield, Illinois
Property taxes in Westfield, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Westfield is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Westfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Westfield 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 Westfield's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62474 zip code has the highest median property tax rate of 2.39%, while the same 62474 zip code also has the lowest median tax rate of 2.39%. Understanding how these cities compare with Westfield provides valuable insights into the varying tax landscape across Coles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Westfield Tax Rate
2.39%
Average Coles County Tax Rate
2.84%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Westfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62474 | 2.05% | 2.28% | 2.39% | 2.60% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Westfield, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Westfield, Illinois. 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 Coles 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. In Westfield, 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. The median home price in Westfield is $101,824, with tax bills ranging from $1,488 at the 25th percentile to $7,457 at the 90th percentile. The highest and lowest median tax bills are both found in the 62474 zip code, amounting to $2,574. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Westfield Assessed Value
$101,824
Average Coles County Assessed Value
$64,296
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Westfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62474 | $23,598 | $56,136 | $101,824 | $151,357 | $296,754 |
Source: Ownwell
Property Tax Bills Across Westfield, Illinois
In Westfield, Coles County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Westfield face varying property tax bills depending on their property's assessed value and the local tax rate. The median home price in Westfield is $101,824, and the property tax rate in Coles County influences the final tax bill. For example, the 25th percentile tax bill in Westfield is $1,488, while the 75th percentile tax bill is $3,834. Homeowners with properties in the 90th percentile may see tax bills as high as $7,457. The highest and lowest median tax bills in the area are both recorded at $2,574 in the 62474 zip code. These variations in tax bills can significantly impact homeowners' annual expenses, making it crucial to understand how assessed values and tax rates affect their financial obligations.
Average Westfield Tax Bill
$2,574
Average Coles County Tax Bill
$1,659
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Westfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62474 | $791 | $1,488 | $2,574 | $3,834 | $7,457 |
Source: Ownwell