Earlville, Illinois Property Taxes
The median property tax rate in Earlville, IL is 3.03%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Earlville, the typical annual property tax bill reaches $2,862, surpassing the national median of $2,690. Property taxes in Earlville 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 Earlville'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 Earlville 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
Earlville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.03%
Estimate Property Tax Bill
$3,229
$2,997
Ownwell’s Earlville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Earlville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Earlville 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 Earlville, Illinois
Property taxes in Earlville, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Earlville is 3.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Earlville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Earlville 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 Earlville's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 60518 has the highest median property tax rate of 3.03%, while the same zip code also has the lowest median tax rate of 3.03%. Understanding how these cities compare with Earlville provides valuable insights into the varying tax landscape across LaSalle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Earlville Tax Rate
3.03%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | 1.25% | 2.87% | 3.03% | 3.03% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Earlville, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Earlville, Illinois. 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 LaSalle 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 Earlville, 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 Earlville 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 $2,862 in the 60518 zip code, while the lowest median tax bill is also $2,862, reflecting a consistent tax burden across the region.
Average Earlville Assessed Value
$106,578
Average Lasalle County Assessed Value
$83,415
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | $77,014 | $84,070 | $106,578 | $129,737 | $179,483 |
Source: Ownwell
Property Tax Bills Across Earlville, Illinois
In Earlville, situated in LaSalle County, IL, property tax bills are determined by evaluating the assessed value of a home, which is based on a percentage of the market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $106,578, homeowners can expect to pay varying amounts depending on specific property characteristics and local tax rates. Several factors influence the tax bill, including property size, location, and market trends. In Earlville, the 25th percentile tax bill is $2,320, while the 75th percentile tax bill rises to $3,913. Homeowners at the 90th percentile face an even higher tax bill of $4,568. These figures show a significant range, reflecting differences in property values and individual assessments. Compared to the national median property tax rate of 0.99%, Earlville's property tax rates can be notably higher, impacting homeowners' annual expenses. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Earlville Tax Bill
$2,862
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Earlville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60518 | $1,910 | $2,320 | $2,862 | $3,913 | $4,568 |
Source: Ownwell