Strawn, Illinois Property Taxes
The median property tax rate in Strawn, IL is 1.07%, which is higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $109,560 in Strawn, the typical annual property tax bill is approximately $1,106, falling below the national median of $2,690. Property taxes in Strawn are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Strawn's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in notable annual savings. Whether you're situated in the heart of Strawn or another part of Ford County, understanding the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Strawn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,172
$1,146
Ownwell’s Strawn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Strawn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strawn 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 Strawn, Illinois
Property taxes in Strawn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strawn is 1.07%, which is higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Strawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Strawn 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 Strawn's effective property tax rate to other areas in Illinois and the national median. For comparison, the 61775 zip code has the highest median property tax rate of 1.07%, while the lowest median tax rate also stands at 1.07%. Understanding how these areas compare with Strawn 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 Strawn Tax Rate
1.07%
Average Ford County Tax Rate
2.52%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | 0.22% | 0.54% | 1.07% | 1.61% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Strawn, Illinois
In Strawn, 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 Strawn, 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. For instance, the median home price in Strawn is $109,560, with tax bills ranging from $557 at the 25th percentile to $1,985 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 61775, with a median tax bill of $1,106. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Strawn Assessed Value
$109,560
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 Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | $104,400 | $106,335 | $109,560 | $112,785 | $114,720 |
Source: Ownwell
Property Tax Bills Across Strawn, Illinois
In Strawn, 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, combined with the assessed value, determines the annual property tax bill. For instance, the median home price in Strawn is $109,560. Homeowners in the 25th percentile pay around $557, while those in the 75th percentile see tax bills of approximately $1,655. The 90th percentile tax bill can reach up to $1,985. Several factors influence these tax bills, including the local tax rate and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the tax burden in Strawn can vary significantly depending on the property's assessed value and specific local rates. This variability impacts homeowners differently, potentially making property taxes a substantial portion of annual housing costs for some, while others may find their tax burden more manageable.
Average Strawn Tax Bill
$1,106
Average Ford County Tax Bill
$2,272
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | $228 | $557 | $1,106 | $1,655 | $1,985 |
Source: Ownwell