Serena, Illinois Property Taxes
The median property tax rate in Serena, IL is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Serena, the typical annual property tax bill reaches $305, exceeding the national median of $2,690. Property taxes in Serena 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 Serena'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 Serena 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
Serena, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$304
$282
Ownwell’s Serena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Serena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Serena 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 Serena, Illinois
Property taxes in Serena, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Serena is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Serena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Serena 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 Serena's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60549 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Serena 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 Serena Tax Rate
2.21%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Serena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60549 | 2.21% | 2.21% | 2.21% | 2.21% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Serena, Illinois
In Serena, 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 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 Serena, 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 Serena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Serena are both $305.00, found in zip code 60549.
Average Serena Assessed Value
$13,764
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 Serena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60549 | $5,721 | $9,555 | $13,764 | $65,634 | $122,951 |
Source: Ownwell
Property Tax Bills Across Serena, Illinois
In Serena, located in LaSalle County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, determined by the county assessor. The local tax rate is then applied to this assessed value to calculate the tax bill. Various factors influence the tax bill, including property size, location, and improvements made to the property. For homeowners in Serena, the median home price is $13,764. The tax bill can vary significantly, with the 25th percentile at $187 and the 75th percentile at $1,935. At the upper end, the 90th percentile tax bill reaches $2,914. These variations are indicative of the differing property values and assessments within the area. Compared to the national median property tax rate of 0.99%, homeowners in Serena experience a range of tax bills that reflect both the lower home values and the specific tax rates applied in LaSalle County. This system ensures that property taxes are proportionate to the value of each home, affecting homeowners differently based on their property's assessed value.
Average Serena Tax Bill
$305
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Serena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60549 | $117 | $187 | $305 | $1,935 | $2,914 |
Source: Ownwell