Erie, Illinois Property Taxes
The median property tax rate in Erie, Illinois is 2.27%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Erie, the typical annual property tax bill reaches $2,964, exceeding the national median of $2,690. Property taxes in Erie 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 Erie'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 Erie 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
Erie, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$4,167
$3,867
Ownwell’s Erie Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Erie with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Erie to provide an accurate estimate of your property tax bill. This valuable tool allows you to understand your potential tax liabilities better. For those interested in seeing trends at a neighborhood level, more localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Erie, Illinois
Property taxes in Erie, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Erie is 2.27%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Erie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erie 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 Erie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61250 zip code has the highest median property tax rate of 2.27%, while the 61250 zip code also has the lowest median tax rate of 2.27%. Understanding how these areas compare with Erie provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erie Tax Rate
2.27%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | 1.38% | 1.90% | 2.27% | 2.52% | 2.59% |
Source: Ownwell
Property Tax Assessment Values Across Erie, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Erie, Illinois. 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 Henry 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. 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. For instance, the zip code with the highest median tax bill is 61250, amounting to $2,964. By being aware of these valuation processes, property owners in Erie can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Erie Assessed Value
$183,555
Average Henry County Assessed Value
$112,041
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | $30,319 | $90,912 | $183,555 | $254,592 | $402,856 |
Source: Ownwell
Property Tax Bills Across Erie, Illinois
In Erie, located in Henry 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 median home price in Erie is $183,555, and the property tax rate in this area plays a crucial role in determining the final tax bill. Factors such as local government budgets, school funding, and community services are considered when setting the tax rate. Homeowners in Erie can expect a wide range of property tax bills. At the 25th percentile, the tax bill is $1,159, while at the 75th percentile, it rises significantly to $6,046. For those at the 90th percentile, the tax bill can be as high as $9,111. These figures highlight the variability in property tax obligations depending on the assessed value and specific circumstances of the property. Compared to the national median property tax rate of 0.99%, Erie’s property tax bills can have a substantial impact on homeowners' financial planning and overall affordability.
Average Erie Tax Bill
$2,964
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | $529 | $1,159 | $2,964 | $6,046 | $9,111 |
Source: Ownwell