Ludlow, Illinois Property Taxes
The median property tax rate in Ludlow, IL is 2.48%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ludlow at $135,675, the typical annual property tax bill reaches $2,907, surpassing the national median of $2,690. Property taxes in Ludlow are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ludlow'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 Ludlow 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
Ludlow, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.48%
Estimate Property Tax Bill
$3,365
$3,122
Ownwell’s Ludlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ludlow 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 Ludlow, Illinois
Property taxes in Ludlow, Illinois, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ludlow is 2.48%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ludlow 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 Ludlow's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60949 has the highest median property tax rate of 2.48%, while the same zip code also has the lowest median tax rate of 2.48%. Understanding how these cities compare with Ludlow 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 Ludlow Tax Rate
2.48%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | 2.02% | 2.21% | 2.48% | 2.65% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Ludlow, Illinois
In Ludlow, 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 Ludlow, 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. The zip code 60949 has the highest and lowest median tax bill at $2,907. Being aware of these valuation processes in Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ludlow Assessed Value
$135,675
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 Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | $36,054 | $84,952 | $135,675 | $165,615 | $194,142 |
Source: Ownwell
Property Tax Bills Across Ludlow, Illinois
In Ludlow, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value, and this percentage can vary. Once the assessed value is determined, local tax rates are applied to calculate the final tax bill. Factors such as local government budgets, school funding, and public services influence these tax rates. Homeowners in Ludlow can expect property tax bills that vary significantly. For instance, the tax bill at the 25th percentile is around $1,560, while at the 75th percentile, it rises to $4,117. At the 90th percentile, it can go up to $4,953. These variations reflect differences in property values and local tax rates within the area. Compared to the national median property tax rate of 0.99%, Ludlow's tax rates can have a considerable impact on homeowners, affecting their annual expenses and overall financial planning. Understanding these factors is crucial for homeowners to manage their budgets effectively.
Average Ludlow Tax Bill
$2,907
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ludlow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60949 | $1,014 | $1,560 | $2,907 | $4,117 | $4,953 |
Source: Ownwell