Anchor, Illinois Property Taxes
The median property tax rate in Anchor, Illinois is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Anchor, the typical annual property tax bill reaches $4,997, exceeding the national median of $2,690. Property taxes in Anchor 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 Anchor'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 Anchor 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
Anchor, 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 ANCHOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ANCHOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ANCHOR 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 Anchor, Illinois
Property taxes in Anchor, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Anchor is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Anchor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Anchor 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 Anchor's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61720 zip code has the highest median property tax rate of 2.53%, while the 61720 zip code also has the lowest median tax rate of 2.53%. Understanding how these cities compare with Anchor provides valuable insights into the varying tax landscape across Ford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Anchor Tax Rate
2.53%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | 2.21% | 2.39% | 2.53% | 2.61% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Anchor, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in ANCHOR, 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 Ford 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 ANCHOR, 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. For instance, the median home price in ANCHOR is $193,965, with tax bills ranging significantly across different percentiles. The 25th percentile tax bill is $3,743, while the 75th percentile is $6,465, and the 90th percentile reaches $8,105. Notably, the zip code 61720 has both the highest and lowest median tax bill at $4,997. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Anchor Assessed Value
$193,965
Average Ford County Assessed Value
$93,960
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $104,613 | $143,048 | $193,965 | $257,025 | $317,316 |
Source: Ownwell
Property Tax Bills Across Anchor, Illinois
In ANCHOR, Ford 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 typically a percentage of the property's market value. For instance, with a median home price of $193,965, the tax bill can vary significantly. The 25th percentile tax bill is around $3,743, while the 75th percentile tax bill reaches approximately $6,465. At the higher end, the 90th percentile tax bill is about $8,105. These figures illustrate the range of what homeowners might expect to pay, depending on their property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, ANCHOR's tax bills reflect the specific fiscal needs and policies of Ford County. This variability can significantly impact homeowners, influencing their overall housing costs and potentially affecting decisions related to buying or selling property in the area.
Average Anchor Tax Bill
$4,997
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Anchor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $2,487 | $3,743 | $4,997 | $6,465 | $8,105 |
Source: Ownwell