Paxton, Illinois Property Taxes
The median property tax rate in Paxton, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Paxton at $94,050, the typical annual property tax bill reaches $2,433, closely aligning with the national median of $2,690. Property taxes in Paxton 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 Paxton'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 Paxton 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
Paxton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$2,502
$2,322
Ownwell’s Paxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paxton 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 Paxton, Illinois
Property taxes in Paxton, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paxton is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Paxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paxton 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 Paxton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60957 zip code has both the highest and lowest median property tax rate of 2.66%. Understanding how these cities compare with Paxton 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 Paxton Tax Rate
2.66%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | 1.84% | 2.33% | 2.66% | 2.89% | 3.33% |
Source: Ownwell
Property Tax Assessment Values Across Paxton, Illinois
In Paxton, 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 Paxton, 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 Paxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Paxton is $2,433 in the 60957 zip code, while the lowest median tax bill is also $2,433 in the same zip code.
Average Paxton Assessed Value
$94,050
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 Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $48,459 | $71,190 | $94,050 | $128,835 | $184,230 |
Source: Ownwell
Property Tax Bills Across Paxton, Illinois
In Paxton, located in Ford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Several factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. For homeowners in Paxton, the median home price stands at $94,050. Tax bills can vary significantly, with the 25th percentile tax bill at $1,675 and the 75th percentile tax bill reaching $3,483. At the 90th percentile, homeowners might see tax bills as high as $5,139. This wide range highlights the impact of property assessments and local tax rates on individual tax bills. Comparatively, Paxton's property tax rate can be seen as higher than the national median property tax rate of 0.99%, affecting homeowners' annual financial planning and housing affordability.
Average Paxton Tax Bill
$2,433
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $1,059 | $1,675 | $2,433 | $3,483 | $5,139 |
Source: Ownwell