Lynn Center, Henry County, Illinois Property Taxes
Median Lynn Center, IL effective property tax rate: 2.41%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%. Median Lynn Center, IL home value: $172,461. Median annual Lynn Center, IL tax bill: $4,007, $1,607 higher than the national median property tax bill of $2,400.
How are property taxes in Henry calculated?
Property taxes in Lynn Center, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption. Understanding Lynn Center’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lynn Center, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lynn Center, Henry County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.41%
Estimate Property Tax Bill
$4,156
$3,857
Property Tax Rates Across Lynn Center, Henry County, Illinois
Local government entities are responsible for setting tax rates, which can vary significantly within Illinois. This is because each county annually estimates its budget needs to provide essential services and then divides this amount by the total value of all taxable property within its area. This calculation determines the property tax rate. While laws and votes influence these decisions, this is the core process followed each year.
In Lynn Center, located in Henry County, the effective property tax rate is notably higher compared to the national median, reflecting the county's budget requirements and property values. When comparing Lynn Center's property tax rate to other cities in Illinois and the national average, it becomes evident that local factors greatly influence these rates. The median property tax rate in Illinois is higher than the national median of 1.02%, which can result in higher tax bills for property owners in Lynn Center. Understanding these variations can help property owners make informed decisions and potentially seek property tax appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lynn Center Tax Rate
2.41%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Henry County Tax Rate
2.38%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lynn Center, Henry County, 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, Henry County, Illinois
When examining property taxes in Lynn Center, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Henry County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Henry County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lynn Center.
For example, the median home price in Lynn Center is $172,461, with tax bills ranging significantly across the county. The zip code 61262 has the highest median home price at $172,461.
Property Tax Assessment Values Across Lynn Center, Henry County, Illinois
Source: Ownwell
$49,584
$147,291
$244,998
Median Lynn Center Market Value
$172,461
Median Henry County Market Value
$112,041
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lynn Center, Henry County, 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, Henry County, Illinois
In Lynn Center, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's estimation of the property's market value. The tax rate is then applied to the assessed value to calculate the tax bill. In Lynn Center, homeowners experience a median property tax bill of $4,007, which is significantly higher than the national median of $2,400. Factors such as property size, location, and local government budgets influence the overall tax rate. For homeowners, this can mean a substantial financial burden, especially when compared to the national median property tax rate of 1.02%.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By leveraging expertise in local tax laws and assessment procedures, Ownwell helps homeowners potentially reduce their tax burdens. The service includes a thorough review of property assessments and the identification of any discrepancies that could lead to savings. This proactive approach can result in significant reductions in property tax bills, offering homeowners relief and financial flexibility.
Median Lynn Center Tax Bill
$4,007
Median Henry County Tax Bill
$2,634
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Lynn Center, Henry County, 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