Laura, Illinois Property Taxes
The median property tax rate in Laura, IL is 2.18%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Laura at $99,870, the typical annual property tax bill reaches $2,175, slightly below the national median of $2,690. Property taxes in Laura are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Laura'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 Laura or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laura, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$2,177
$2,127
Ownwell’s Laura Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laura with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laura 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 Laura, Illinois
Property taxes in Laura, Illinois, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Laura is 2.18%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Laura set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laura 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 Laura's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61451 zip code has the highest median property tax rate of 2.18%, while the same zip code also has the lowest median tax rate of 2.18%. Understanding how these cities compare with Laura provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laura Tax Rate
2.18%
Average Knox County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | 2.18% | 2.18% | 2.18% | 2.18% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Laura, Illinois
In Laura, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Knox 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 Laura, 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 Laura helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Laura are both $2,175, found in the 61451 zip code.
Average Laura Assessed Value
$99,870
Average Knox County Assessed Value
$78,330
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | $99,870 | $99,870 | $99,870 | $99,870 | $99,870 |
Source: Ownwell
Property Tax Bills Across Laura, Illinois
In Laura, located in Knox County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property location, market conditions, and local government budgets play a crucial role in this calculation. For homeowners in Laura, the median home price is $99,870, with property tax bills consistently around $2,175, regardless of specific percentiles. This figure is notably higher than the national median property tax rate of 0.99%. The uniformity in tax bills across different percentiles suggests a stable and predictable tax environment for residents. Understanding these factors is essential for homeowners as it directly impacts their annual financial planning. High property taxes can influence decisions on property investments and affect overall affordability. By being aware of how these taxes are determined, homeowners can better navigate their financial responsibilities and plan for future expenses.
Average Laura Tax Bill
$2,175
Average Knox County Tax Bill
$1,699
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | $2,175 | $2,175 | $2,175 | $2,175 | $2,175 |
Source: Ownwell