Leland, Illinois Property Taxes
The median property tax rate in Leland, IL is 2.95%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Leland, the typical annual property tax bill reaches $3,584, exceeding the national median of $2,690. Property taxes in Leland 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 Leland'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 Leland 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
Leland, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Leland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leland 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 Leland, Illinois
Property taxes in Leland, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leland is 2.95%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Leland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leland 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 Leland's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 60531 has both the highest and lowest median property tax rate of 2.95%. Understanding how these cities compare with Leland 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 Leland Tax Rate
2.95%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60531 | 1.20% | 2.71% | 2.95% | 3.09% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Leland, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Leland, 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 Assessor 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 Leland, 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. The median home price in Leland is $134,556, with tax bills ranging from the 25th percentile at $1,410 to the 90th percentile at $5,636. Notably, the highest and lowest median tax bills are both $3,584 in zip code 60531. By understanding 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 Leland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leland Assessed Value
$134,556
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 Leland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60531 | $22,918 | $93,207 | $134,556 | $165,234 | $190,831 |
Source: Ownwell
Property Tax Bills Across Leland, Illinois
Property tax bills in Leland, situated in LaSalle County, IL, are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, the median home price in Leland is $134,556. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. In Leland, property tax bills can vary significantly. The 25th percentile tax bill is around $1,410, while the 75th percentile tax bill reaches up to $4,842. Homeowners in the 90th percentile can see tax bills as high as $5,636. These variations are influenced by factors such as property location, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Leland's property tax rates can seem substantial. This can affect homeowners by increasing their annual expenses, making it essential to understand how these taxes are calculated and to explore possible exemptions or appeals to manage costs.
Average Leland Tax Bill
$3,584
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Leland, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60531 | $262 | $1,410 | $3,584 | $4,842 | $5,636 |
Source: Ownwell