Winslow, Illinois Property Taxes
The median property tax rate in Winslow, IL is 5.43%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Winslow at $60,801, the typical annual property tax bill reaches $3,302, exceeding the national median of $2,690. Property taxes in Winslow 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 Winslow'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 Winslow 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
Winslow, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
5.43%
Estimate Property Tax Bill
$3,301
$3,226
Ownwell’s Winslow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winslow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winslow 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 Winslow, Illinois
Property taxes in Winslow, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winslow is 5.43%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winslow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winslow 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 Winslow's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61089 zip code has the highest median property tax rate of 5.43%, while the 61089 zip code has the lowest median tax rate of 5.43%. Understanding how these cities compare with Winslow 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 Winslow Tax Rate
5.43%
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 Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | 5.43% | 5.43% | 5.43% | 5.43% | 5.43% |
Source: Ownwell
Property Tax Assessment Values Across Winslow, Illinois
In Winslow, 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 Winslow, 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 Winslow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $3,302 in the 61089 zip code.
Average Winslow Assessed Value
$60,801
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 Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 |
Source: Ownwell
Property Tax Bills Across Winslow, Illinois
In Winslow, Jo Daviess County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. For instance, if the median home price in Winslow is $60,801, the assessed value would be a fraction of this amount, depending on the local assessment rate. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local taxing authorities. Homeowners in Winslow face a median property tax bill of $3,302, significantly higher than the national median rate of 0.99%. This higher tax burden can impact homeowners by increasing their annual expenses, which may affect their overall financial planning and home affordability. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Winslow Tax Bill
$3,302
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 Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | $3,302 | $3,302 | $3,302 | $3,302 | $3,302 |
Source: Ownwell