Lewistown, Illinois Property Taxes
The median property tax rate in Lewistown, IL is 3.04%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $74,129 in Lewistown, the typical annual property tax bill reaches $1,109, which is below the national median of $2,690. Property taxes in Lewistown are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Lewistown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lewistown or another part of Fulton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lewistown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$2,254
$2,202
Ownwell’s Lewistown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lewistown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lewistown 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 Lewistown, Illinois
Property taxes in Lewistown, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lewistown is 3.04%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lewistown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lewistown 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 Lewistown's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61542 zip code has the highest median property tax rate of 3.04%, while the 61542 zip code also has the lowest median tax rate of 3.04%. Understanding how these cities compare with Lewistown provides valuable insights into the varying tax landscape across Fulton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lewistown Tax Rate
3.04%
Average Fulton County Tax Rate
2.71%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lewistown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61542 | 1.53% | 2.11% | 3.04% | 3.05% | 3.05% |
Source: Ownwell
Property Tax Assessment Values Across Lewistown, Illinois
In Lewistown, 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 Fulton County Assessment Office 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 Lewistown, 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 Lewistown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61542 in Lewistown has both the highest and lowest median tax bill, which is $1,109. This figure is significantly higher than the national median property tax rate of 0.99%.
Average Lewistown Assessed Value
$74,129
Average Fulton County Assessed Value
$71,967
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lewistown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61542 | $23,964 | $48,078 | $74,129 | $104,895 | $139,084 |
Source: Ownwell
Property Tax Bills Across Lewistown, Illinois
In Lewistown, located in Fulton County, IL, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. Several factors influence the final tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions. For instance, the median home price in Lewistown is $74,129. The property tax rate in this area is higher than the national median of 0.99%, leading to a range of tax bills for homeowners. For those in the 25th percentile, the tax bill is around $670, while those in the 75th percentile face bills closer to $1,840. The highest tax bills, in the 90th percentile, can reach up to $2,681. These taxes fund essential local services such as schools, infrastructure, and public safety. Homeowners should be aware that their property tax bills can significantly impact their annual expenses, making it crucial to understand how these taxes are assessed and calculated.
Average Lewistown Tax Bill
$1,109
Average Fulton County Tax Bill
$1,058
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lewistown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61542 | $346 | $670 | $1,109 | $1,840 | $2,681 |
Source: Ownwell