Stockton, Illinois Property Taxes
The median property tax rate in Stockton, Illinois is 3.04%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stockton at $61,701, the typical annual property tax bill reaches $1,618, exceeding the national median of $2,690. Property taxes in Stockton 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 Stockton'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 Stockton or another part of Jo Daviess County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stockton, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.04%
Estimate Property Tax Bill
$1,876
$1,833
Ownwell’s Stockton Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Stockton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stockton to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Stockton, Illinois
Property taxes in Stockton, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stockton is 3.04%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stockton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stockton 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 Stockton's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61085 zip code has the highest median property tax rate of 3.04%, while the same 61085 zip code also has the lowest median tax rate of 3.04%. Understanding how these cities compare with Stockton 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 Stockton Tax Rate
3.04%
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 Stockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61085 | 1.53% | 2.67% | 3.04% | 3.04% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Stockton, Illinois
In Stockton, 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 Assessment Office 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 Stockton, 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 Stockton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Stockton is $61,701, with tax bills ranging from $1,035 at the 25th percentile to $4,504 at the 90th percentile. The zip code 61085 has both the highest and lowest median tax bill, at $1,618.
Average Stockton Assessed Value
$61,701
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 Stockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61085 | $12,648 | $37,598 | $61,701 | $99,012 | $148,394 |
Source: Ownwell
Property Tax Bills Across Stockton, Illinois
In Stockton, Jo Daviess County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the home's location, its assessed value, and any applicable exemptions. In Stockton, the median home price is $61,701, leading to varying tax bills across different percentiles. For instance, homeowners at the 25th percentile pay approximately $1,035, while those at the 75th percentile pay around $3,052. The 90th percentile sees tax bills as high as $4,504. These property taxes significantly impact homeowners by contributing to local services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Stockton's rates reflect the local economic conditions and public service requirements, affecting overall affordability and cost of living for residents.
Average Stockton Tax Bill
$1,618
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 Stockton, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61085 | $340 | $1,035 | $1,618 | $3,052 | $4,504 |
Source: Ownwell