Loda, Illinois Property Taxes
The median property tax rate in Loda, Illinois is 2.78%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $79,238 in Loda, the typical annual property tax bill reaches $3,047, surpassing the national median of $2,690. Property taxes in Loda 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 Loda'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 Loda 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
Loda, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.78%
Estimate Property Tax Bill
$2,203
$2,152
Ownwell’s Loda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loda 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 Loda, Illinois
Property taxes in Loda, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loda is 2.78%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Loda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loda 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 Loda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60948 has the highest median property tax rate of 2.78%, while the same zip code also has the lowest median tax rate of 2.78%. Understanding how these cities compare with Loda provides valuable insights into the varying tax landscape across Iroquois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loda Tax Rate
2.78%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | 1.72% | 2.41% | 2.78% | 3.12% | 4.04% |
Source: Ownwell
Property Tax Assessment Values Across Loda, Illinois
In Loda, 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 Iroquois 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 Loda, 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 Loda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $3,047 in the 60948 zip code, while the lowest median tax bill is also in the 60948 zip code.
Average Loda Assessed Value
$79,238
Average Iroquois County Assessed Value
$114,710
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | $1,275 | $54,658 | $79,238 | $139,524 | $202,491 |
Source: Ownwell
Property Tax Bills Across Loda, Illinois
In Loda, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the property's market value. The tax rate, set by local taxing authorities, is then applied to the assessed value to determine the tax bill. Various factors influence the tax bill, including the property's location, size, and improvements. For homeowners in Loda, the median home price is $79,238. The property tax rate in Loda impacts homeowners significantly, with tax bills ranging from $1,513 at the 25th percentile to $7,767 at the 90th percentile. The highest median tax bill in the area is $3,047, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, roads, and emergency services, affecting the overall quality of life for residents.
Average Loda Tax Bill
$3,047
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Loda, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60948 | $461 | $1,513 | $3,047 | $4,786 | $7,767 |
Source: Ownwell