Iroquois County, Illinois Property Taxes

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Iroquois County's effective property tax rate to other counties in Illinois or the U.S. median property tax rate.

Iroquois County in Illinois has a median property tax rate of 2.59%, significantly higher than the national median of 1.02%. This means that homeowners in Iroquois County pay a larger portion of their property's assessed value in taxes compared to the average U.S. homeowner. Within the county, Sheldon has the highest median property tax rate at 3.01%, while Onarga has the lowest at 2.29%. This variation highlights how property tax rates can differ even within a single county. Understanding these differences is crucial for homeowners looking to manage their property tax liabilities effectively.

In Iroquois County, IL, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in the county is $114,710, and property tax bills can vary significantly based on several factors. For instance, the tax bill at the 25th percentile is $1,666, indicating that a quarter of homeowners pay this amount or less. Conversely, the 75th percentile tax bill is $5,195, and the 90th percentile reaches up to $7,575, showing a wide range in tax liabilities.

The highest median tax bill within the county is in Donovan, at $4,322, whereas Watseka has the lowest median tax bill at $2,117. These figures illustrate how location within the county can impact tax obligations. Compared to the national median property tax rate of 1.02% and median tax bill of $2,400, Iroquois County exhibits a diverse tax landscape. Understanding these factors is crucial for homeowners as they directly influence the affordability and financial planning associated with homeownership in the region.