Foosland, Illinois Property Taxes
The median property tax rate in Foosland, IL is 2.47%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Foosland at $149,490, the typical annual property tax bill reaches $3,462, surpassing the national median of $2,690. Property taxes in Foosland 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 Foosland'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 Foosland 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
Foosland, 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 Foosland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Foosland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Foosland 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 Foosland, Illinois
Property taxes in Foosland, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foosland is 2.47%, significantly higher than the U.S. national median of 0.99%. Local government entities within Foosland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foosland 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 Foosland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61845 zip code has the highest median property tax rate of 2.47%, while the lowest median tax rate is also 2.47%. Understanding how these cities compare with Foosland 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 Foosland Tax Rate
2.47%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | 1.92% | 2.32% | 2.47% | 2.63% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Foosland, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Foosland, 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 Foosland, 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 Foosland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the 61845 zip code both stand at $3,462, offering a clear benchmark for residents.
Average Foosland Assessed Value
$149,490
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 Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | $47,250 | $102,210 | $149,490 | $236,220 | $327,900 |
Source: Ownwell
Property Tax Bills Across Foosland, Illinois
Property tax bills in Foosland, located in Ford County, IL, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. In Ford County, the median home price is $149,490. The tax rate is applied to this assessed value to calculate the tax bill. Several factors influence the assessed value, including the property's size, location, and any improvements made. Homeowners in Foosland can expect a range of tax bills. For instance, those in the 25th percentile pay around $2,341, while those in the 75th percentile face bills as high as $6,220. At the 90th percentile, the tax bill can reach up to $8,621. Compared to the national median property tax rate of 0.99%, the tax rates in Foosland may result in higher or lower tax bills, affecting homeowners' annual expenses significantly. Understanding these factors can help homeowners anticipate their financial obligations more accurately.
Average Foosland Tax Bill
$3,462
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Foosland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61845 | $784 | $2,341 | $3,462 | $6,220 | $8,621 |
Source: Ownwell