Leonore, Illinois Property Taxes
The median property tax rate in Leonore, IL is 2.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Leonore, the typical annual property tax bill reaches $1,874, exceeding the national median of $2,690. Property taxes in Leonore 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 Leonore'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 Leonore 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
Leonore, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$1,873
$1,738
Ownwell’s Leonore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonore 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 Leonore, Illinois
Property taxes in Leonore, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonore is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Leonore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonore 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 Leonore's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61332 zip code has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these cities compare with Leonore 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 Leonore Tax Rate
2.94%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61332 | 2.94% | 2.94% | 2.94% | 2.94% | 2.94% |
Source: Ownwell
Property Tax Assessment Values Across Leonore, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Leonore, 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 local authorities 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. Assessment notices in Leonore 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 Leonore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Leonore both stand at $1,874, specifically in the 61332 zip code.
Average Leonore Assessed Value
$63,720
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 Leonore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61332 | $63,720 | $63,720 | $63,720 | $63,720 | $63,720 |
Source: Ownwell
Property Tax Bills Across Leonore, Illinois
In Leonore, located in LaSalle County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the market value of the home. For instance, with a median home price of $63,720, the tax bill is influenced by the local tax rate and any applicable exemptions. The median property tax rate in Leonore is notably higher than the national median of 0.99%, resulting in a consistent tax bill of $1,874 for the 25th, 75th, and 90th percentiles. This uniformity suggests a relatively stable tax environment for homeowners in this region. Factors such as property improvements, neighborhood changes, and local government budgets can also affect the assessed value and, consequently, the tax bill. Homeowners in Leonore should be aware of these factors as they directly impact their annual financial obligations, making it crucial to stay informed and possibly seek appeals or exemptions if discrepancies arise.
Average Leonore Tax Bill
$1,874
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonore, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61332 | $1,874 | $1,874 | $1,874 | $1,874 | $1,874 |
Source: Ownwell