Paxton, Illinois Property Taxes
The median property tax rate in Paxton, IL is 3.41%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Paxton, the typical annual property tax bill reaches $3,748, surpassing the national median of $2,690. Property taxes in Paxton 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 Paxton'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 Paxton 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
Paxton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.41%
Estimate Property Tax Bill
$5,353
$5,231
Ownwell’s Paxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paxton 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 Paxton, Illinois
Property taxes in Paxton, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paxton is 3.41%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Paxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paxton 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 Paxton's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60957 has the highest median property tax rate of 3.41%, while the same zip code also has the lowest median tax rate of 3.41%. Understanding how these cities compare with Paxton 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 Paxton Tax Rate
3.41%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | 1.55% | 2.33% | 3.41% | 3.66% | 4.12% |
Source: Ownwell
Property Tax Assessment Values Across Paxton, Illinois
In Paxton, 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 Assessor 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 Paxton, 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 Paxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 60957 has both the highest and lowest median tax bills at $3,748, highlighting the consistency in tax assessments across the region.
Average Paxton Assessed Value
$156,993
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 Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $80,585 | $84,714 | $156,993 | $160,302 | $164,282 |
Source: Ownwell
Property Tax Bills Across Paxton, Illinois
In Paxton, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. Local tax rates are then applied to this assessed value to determine the total tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Paxton experience a range of property tax bills. For instance, the tax bill at the 25th percentile is around $3,738, while at the 75th percentile, it reaches approximately $5,686. The 90th percentile tax bill is slightly higher at $5,719. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the local tax environment. Higher property taxes can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and the local real estate market. Understanding how these taxes are calculated can help homeowners plan and budget more effectively.
Average Paxton Tax Bill
$3,748
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Paxton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60957 | $1,979 | $3,738 | $3,748 | $5,686 | $5,719 |
Source: Ownwell