Seneca, Illinois Property Taxes
The median property tax rate in Seneca, IL is 2.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Seneca at $216,086, the typical annual property tax bill reaches $5,274, exceeding the national median of $2,690. Property taxes in Seneca 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 Seneca'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 Seneca or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Seneca, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$5,035
$4,921
Ownwell’s Seneca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seneca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seneca 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 Seneca, Illinois
Property taxes in Seneca, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seneca is 2.33%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Seneca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seneca 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 Seneca's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61360 zip code has the highest median property tax rate of 2.33%, while the same zip code also has the lowest median tax rate of 2.33%. Understanding how these cities compare with Seneca provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seneca Tax Rate
2.33%
Average Grundy County Tax Rate
2.61%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | 1.95% | 2.10% | 2.33% | 2.87% | 3.15% |
Source: Ownwell
Property Tax Assessment Values Across Seneca, Illinois
In Seneca, 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 Grundy 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 Seneca, 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 median home price in Seneca is $216,086, with tax bills ranging from $3,185 at the 25th percentile to $8,398 at the 90th percentile. The zip code 61360 has both the highest and lowest median tax bills at $5,274. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Seneca Assessed Value
$216,086
Average Grundy County Assessed Value
$145,632
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | $31,708 | $116,996 | $216,086 | $291,432 | $323,041 |
Source: Ownwell
Property Tax Bills Across Seneca, Illinois
Property tax bills in Seneca, Grundy County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. The median home price in Seneca is $216,086. Local tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, improvements, and any applicable exemptions. For instance, homeowners in Seneca can expect their annual tax bills to vary significantly. The 25th percentile tax bill is around $3,185, while the 75th percentile reaches $7,324, and the 90th percentile can be as high as $8,398. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Seneca's rates reflect the community's commitment to maintaining quality public services.
Average Seneca Tax Bill
$5,274
Average Grundy County Tax Bill
$3,869
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Seneca, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61360 | $2,199 | $3,185 | $5,274 | $7,324 | $8,398 |
Source: Ownwell