Loda, Illinois Property Taxes
The median property tax rate in Loda, IL is 2.87%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in Loda at $138,225, the typical annual property tax bill reaches $3,944, far exceeding the national median of $2,690. Property taxes in Loda are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Loda'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 Loda 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
Loda, 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 Loda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loda 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 Ford County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Loda, Illinois
Property taxes in Loda, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loda is 2.87%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Loda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loda 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 Loda's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60948 zip code has the highest median property tax rate of 2.87%, while the same zip code also has the lowest median tax rate of 2.87%. Understanding how these rates in Loda compare with other areas 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 regions.
Average Loda Tax Rate
2.87%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | 2.42% | 2.60% | 2.87% | 3.15% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Loda, Illinois
In Loda, 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 Loda, 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 Loda 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 area are both $3,944, found in zip code 60948.
Average Loda Assessed Value
$138,225
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 Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | $88,260 | $101,985 | $138,225 | $209,198 | $290,910 |
Source: Ownwell
Property Tax Bills Across Loda, Illinois
In Loda, 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. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $138,225, homeowners in Loda might expect their property tax bill to fall within a range, with the 25th percentile at $2,950 and the 75th percentile reaching up to $5,811. At the 90th percentile, tax bills can go as high as $9,005. Several factors influence these calculations, including changes in the local tax rate and fluctuations in property values. The highest median tax bill in Ford County is $3,944, found in the zip code 60948. Compared to the national median property tax rate of 0.99%, homeowners in Loda may experience varying impacts on their finances, depending on the specific assessed values and tax rates applied to their properties.
Average Loda Tax Bill
$3,944
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | $2,154 | $2,950 | $3,944 | $5,811 | $9,005 |
Source: Ownwell