Lynn Center, Illinois Property Taxes
The median property tax rate in Lynn Center, IL is 2.41%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lynn Center at $172,461, the typical annual property tax bill reaches $4,007, surpassing the national median of $2,690. Property taxes in Lynn Center 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 Lynn Center'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 Lynn Center 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
Lynn Center, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$4,156
$4,061
Ownwell’s Lynn Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn Center 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 Lynn Center, Illinois
Property taxes in Lynn Center, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn Center is 2.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lynn Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn Center 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 Lynn Center's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61262 zip code has the highest median property tax rate of 2.41%, while the same zip code also has the lowest median tax rate of 2.41%. Understanding how these cities compare with Lynn Center 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 Lynn Center Tax Rate
2.41%
Average Henry County Tax Rate
2.38%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | 1.88% | 2.21% | 2.41% | 2.60% | 2.63% |
Source: Ownwell
Property Tax Assessment Values Across Lynn Center, Illinois
In Lynn Center, 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 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. In Lynn Center, 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 Lynn Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4007 in the 61262 zip code, while the lowest median tax bill is also $4007 in the same zip code.
Average Lynn Center Assessed Value
$172,461
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 Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | $55,826 | $111,728 | $172,461 | $251,698 | $361,820 |
Source: Ownwell
Property Tax Bills Across Lynn Center, Illinois
In Lynn Center, located in Henry County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in Lynn Center see a range of property tax bills. For instance, the 25th percentile tax bill is $2,374, while the 75th percentile reaches $6,226, and the 90th percentile can be as high as $9,385. The highest median tax bill within the zip code 61262 is $4,007. These figures highlight a considerable variation in property tax bills, influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Lynn Center may experience higher or lower rates depending on these variables. Understanding how these elements affect property tax calculations can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Lynn Center Tax Bill
$4,007
Average Henry County Tax Bill
$2,634
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | $1,229 | $2,374 | $4,007 | $6,226 | $9,385 |
Source: Ownwell