Lane, Illinois Property Taxes
The median property tax rate in LANE, IL is 1.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in LANE, the typical annual property tax bill reaches $1,078, which is below the national median of $2,690. Property taxes in LANE 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 LANE'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 LANE 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
Lane, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.95%
Estimate Property Tax Bill
$643
$628
Ownwell’s LANE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LANE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LANE 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 Lane, Illinois
Property taxes in Lane, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lane is 2.0%, significantly higher than both the Illinois state median of 2.27% and the U.S. national median of 0.99%. Local government entities within Lane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lane 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 Lane's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61750 zip code has the highest median property tax rate of 2.0%, while the 61750 zip code also has the lowest median tax rate of 2.0%. Understanding how these cities compare with Lane provides valuable insights into the varying tax landscape across De Witt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lane Tax Rate
1.95%
Average De Witt County Tax Rate
2.10%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61750 | 1.95% | 1.95% | 1.95% | 1.95% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Lane, Illinois
In LANE, 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 De Witt 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 LANE, 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 LANE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $1,078, with the zip code 61750 reflecting these values.
Average Lane Assessed Value
$32,976
Average De Witt County Assessed Value
$142,472
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61750 | $15,130 | $21,823 | $32,976 | $44,130 | $50,822 |
Source: Ownwell
Property Tax Bills Across Lane, Illinois
In LANE, located in De Witt County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and typically represents a percentage of the property's market value. For homeowners, the median home price stands at $32,976, and the median property tax bill is $1,078. This tax bill is influenced by various factors, including the assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, LANE's property tax rate may seem relatively high due to the fixed median tax bill. This can impact homeowners by increasing their annual expenses, making it crucial to understand how these taxes are computed and explore potential exemptions. The consistency in the tax bill across different percentiles indicates a stable taxation environment within the city. Properly managing property taxes can help homeowners in LANE better plan their finances and potentially save money.
Average Lane Tax Bill
$1,078
Average De Witt County Tax Bill
$3,614
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lane, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61750 | $1,078 | $1,078 | $1,078 | $1,078 | $1,078 |
Source: Ownwell