Clarence, Illinois Property Taxes
The median property tax rate in Clarence, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Clarence, the typical annual property tax bill reaches $753, which is significantly lower than the national median of $2,690. Property taxes in Clarence 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 Clarence'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 Clarence 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
Clarence, 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 Clarence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clarence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clarence 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 Clarence, Illinois
Property taxes in Clarence, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarence is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Clarence set these rates annually, and they can vary across different neighborhoods. Each year, Clarence 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. Understanding how these cities compare with Clarence 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 Clarence Tax Rate
2.33%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | 1.52% | 1.99% | 2.33% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Clarence, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clarence, 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 Clarence, 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 Clarence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 60960, standing at $753, while the lowest median tax bill also occurs in the same zip code at $753.
Average Clarence Assessed Value
$34,920
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 Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $6,576 | $19,560 | $34,920 | $54,090 | $78,396 |
Source: Ownwell
Property Tax Bills Across Clarence, Illinois
In Clarence, located in Ford County, IL, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. This value is then multiplied by the local tax rate to determine your annual property tax bill. For example, with a median home price of $34,920, homeowners can expect a property tax bill ranging from $499 at the 25th percentile to $1,911 at the 90th percentile. Several factors influence the assessed value, including the size of the property, its location, and any improvements made to it. The local tax rate is set by various taxing authorities, such as school districts and municipal governments, to fund public services. Homeowners in Clarence should be aware that their property tax bill can significantly impact their annual budget, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Clarence Tax Bill
$753
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $208 | $499 | $753 | $1,073 | $1,911 |
Source: Ownwell