Clifton, Illinois Property Taxes
The median property tax rate in Clifton, IL is 2.74%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Clifton at $274,530, the typical annual property tax bill reaches $7,759, exceeding the national median of $2,690. Property taxes in Clifton 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 Clifton'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 Clifton 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
Clifton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.74%
Estimate Property Tax Bill
$7,522
$6,980
Ownwell’s Clifton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clifton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clifton 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 Clifton, Illinois
Property taxes in Clifton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clifton is 2.74%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Clifton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clifton 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 Clifton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60927 zip code has the highest median property tax rate of 2.74%, while the same zip code also has the lowest median tax rate of 2.74%. Understanding how these cities compare with Clifton 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 Clifton Tax Rate
2.74%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clifton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60927 | 2.61% | 2.66% | 2.74% | 2.83% | 2.88% |
Source: Ownwell
Property Tax Assessment Values Across Clifton, Illinois
In Clifton, 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 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 Clifton, 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 Clifton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clifton is $274,530, with tax bills ranging from $5,646 at the 25th percentile to $11,141 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 60927, each at $7,759.
Average Clifton Assessed Value
$274,530
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 Clifton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60927 | $164,490 | $205,755 | $274,530 | $343,305 | $384,570 |
Source: Ownwell
Property Tax Bills Across Clifton, Illinois
In Clifton, located in Ford County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $274,530, homeowners might expect varying tax bills depending on specific factors such as their property's assessed value and the local tax rate. Homeowners in Clifton can expect tax bills ranging from $5,646 at the 25th percentile to $11,141 at the 90th percentile. These amounts are influenced by the assessed value of the property and the tax rate set by local authorities. The highest median tax bill in the area, recorded in the zip code 60927, is $7,759, which is significantly higher than the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, making it crucial for them to understand how their property is assessed and what factors contribute to their final tax bill.
Average Clifton Tax Bill
$7,759
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clifton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60927 | $4,378 | $5,646 | $7,759 | $9,873 | $11,141 |
Source: Ownwell