Nora, Illinois Property Taxes
The median property tax rate in Nora, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Nora, the typical annual property tax bill reaches $518, exceeding the national median of $2,690. Property taxes in Nora 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 Nora'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 Nora 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
Nora, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$598
$555
Ownwell’s NORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORA 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 Nora, Illinois
Property taxes in Nora, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nora is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Nora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nora 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 Nora's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61059 zip code has the highest median property tax rate of 2.66%, while the same zip code also has the lowest median tax rate of 2.66%. Understanding how these cities compare with Nora provides valuable insights into the varying tax landscape across Jo Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nora Tax Rate
2.66%
Average Jo Daviess County Tax Rate
2.30%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61059 | 0.58% | 1.23% | 2.66% | 3.06% | 3.06% |
Source: Ownwell
Property Tax Assessment Values Across Nora, Illinois
In Nora, 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 Jo Daviess 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 Nora, 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 Nora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $518 in zip code 61059, while the lowest median tax bill is also $518 in the same zip code.
Average Nora Assessed Value
$22,493
Average Jo Daviess County Assessed Value
$98,005
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61059 | $9,992 | $16,628 | $22,493 | $44,896 | $87,759 |
Source: Ownwell
Property Tax Bills Across Nora, Illinois
In the city of Nora, located in Jo Daviess County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the market value, and it serves as the basis for the tax rate applied. Factors such as property type, location, and improvements can influence the assessed value. Homeowners in Nora can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $296, while the 75th percentile tax bill reaches $603. At the higher end, the 90th percentile tax bill can be as high as $1,860. Comparatively, the highest median tax bill in the area is $518, which is consistent across the zip code 61059. These tax bills impact homeowners by influencing their annual expenses and potentially affecting property values. With the national median property tax rate at 0.99%, understanding these local tax nuances is crucial for financial planning and property investment.
Average Nora Tax Bill
$518
Average Jo Daviess County Tax Bill
$2,492
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Nora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61059 | $147 | $296 | $518 | $603 | $1,860 |
Source: Ownwell