Woodland, Illinois Property Taxes
The median property tax rate in Woodland, IL is 2.05%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Woodland at $55,350, the typical annual property tax bill reaches $833, still exceeding the national median of $2,690. Property taxes in Woodland 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 Woodland'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 Woodland 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
Woodland, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$1,135
$1,053
Ownwell’s Woodland Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Woodland. Simply input your property's estimated assessed value, and the calculator will apply the median tax rate in Woodland to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property's assessed value, determined by the county, is crucial for these calculations and accounts for any applicable exemptions.
Property Tax Rates Across Woodland, Illinois
Property taxes in Woodland, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Woodland is 2.05%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Woodland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Woodland 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 Woodland's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60974 zip code has the highest median property tax rate of 2.05%, while the 60974 zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Woodland 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 Woodland Tax Rate
2.05%
Average Iroquois County Tax Rate
2.59%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Woodland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60974 | 1.27% | 1.61% | 2.05% | 2.56% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across Woodland, Illinois
In Woodland, 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 Woodland, 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 Woodland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Woodland are both $833, found in the 60974 zip code.
Average Woodland Assessed Value
$55,350
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 Woodland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60974 | $18,570 | $31,725 | $55,350 | $67,426 | $84,702 |
Source: Ownwell
Property Tax Bills Across Woodland, Illinois
In Woodland, Iroquois County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. Homeowners in Woodland can expect their property tax bills to vary significantly depending on their property's assessed value. For example, the tax bill at the 25th percentile is $556, while at the 75th percentile, it rises to $1,351. The highest median tax bill in the area reaches $833, indicating a range of potential tax burdens for residents. Several factors influence the tax bill, including the property's location, size, and improvements. These taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax is calculated helps in financial planning and can impact decisions on property investments and home improvements. With the national median property tax rate at 0.99%, comparing local rates provides valuable context for homeowners.
Average Woodland Tax Bill
$833
Average Iroquois County Tax Bill
$3,017
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Woodland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60974 | $447 | $556 | $833 | $1,351 | $1,614 |
Source: Ownwell