Watseka, Illinois Property Taxes
The median property tax rate in Watseka, IL is 2.75%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Watseka at $82,545, the typical annual property tax bill reaches $2,117, which is below the national median of $2,690. Property taxes in Watseka 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 Watseka'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 Watseka 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
Watseka, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.75%
Estimate Property Tax Bill
$2,270
$2,218
Ownwell’s Watseka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watseka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watseka 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 Watseka, Illinois
Property taxes in Watseka, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watseka is 2.75%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Watseka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watseka 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 Watseka's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60970 zip code has the highest median property tax rate of 2.75%, while the same zip code also has the lowest median tax rate of 2.75%. Understanding how these cities compare with Watseka 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 Watseka Tax Rate
2.75%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watseka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60970 | 1.70% | 2.16% | 2.75% | 3.52% | 3.52% |
Source: Ownwell
Property Tax Assessment Values Across Watseka, Illinois
In Watseka, 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 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 Watseka, 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 Watseka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Watseka is $2,117 in the 60970 zip code, while the lowest median tax bill is also $2,117 in the same zip code.
Average Watseka Assessed Value
$82,545
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 Watseka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60970 | $7,182 | $29,692 | $82,545 | $134,665 | $205,471 |
Source: Ownwell
Property Tax Bills Across Watseka, Illinois
In Watseka, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Watseka is $82,545. Local tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Watseka is $1,046, while the 75th percentile tax bill is significantly higher at $3,700, reflecting variations in property values and assessments. The 90th percentile tax bill can reach up to $5,686, indicating that higher-valued properties incur larger tax obligations. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Watseka should be aware of these factors as they directly impact their annual financial obligations and the overall affordability of their homes compared to the national median property tax rate of 0.99%.
Average Watseka Tax Bill
$2,117
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Watseka, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60970 | $505 | $1,046 | $2,117 | $3,700 | $5,686 |
Source: Ownwell