Stockland, Illinois Property Taxes
The median property tax rate in Stockland, Illinois is 3.47%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $378,420 in Stockland, the typical annual property tax bill reaches $13,115, far exceeding the national median of $2,690. Property taxes in Stockland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stockland'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 Stockland 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
Stockland, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Stockland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stockland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stockland 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 Stockland, Illinois
Property taxes in Stockland, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stockland is 3.47%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stockland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stockland 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 Stockland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60967 zip code has both the highest and lowest median property tax rate of 3.47%. Understanding how these cities compare with Stockland 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 Stockland Tax Rate
3.47%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stockland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60967 | 3.47% | 3.47% | 3.47% | 3.47% | 3.47% |
Source: Ownwell
Property Tax Assessment Values Across Stockland, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stockland, Illinois. 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 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 Stockland, 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 Stockland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Stockland both stand at $13,115, found in the zip code 60967.
Average Stockland Assessed Value
$378,420
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 Stockland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60967 | $378,420 | $378,420 | $378,420 | $378,420 | $378,420 |
Source: Ownwell
Property Tax Bills Across Stockland, Illinois
In Stockland, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For homeowners in Stockland, the median home price stands at $378,420. The property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the home's location within Iroquois County, local tax rates, and any applicable exemptions or deductions. For instance, the median property tax bill in Stockland is $13,115, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual housing costs, potentially affecting their budget and long-term financial planning. Understanding these factors can help homeowners better anticipate their financial obligations and explore options for appealing or reducing their property tax assessments.
Average Stockland Tax Bill
$13,115
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stockland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60967 | $13,115 | $13,115 | $13,115 | $13,115 | $13,115 |
Source: Ownwell