Streator, Illinois Property Taxes
The median property tax rate in Streator, IL is 4.03%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Streator, the typical annual property tax bill reaches $1,576, exceeding the national median of $2,690. Property taxes in Streator 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 Streator'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 Streator 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
Streator, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
4.03%
Estimate Property Tax Bill
$1,928
$1,884
Ownwell’s Streator Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Streator with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Streator 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 Streator, Illinois
Property taxes in Streator, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Streator is 4.03%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Streator set these rates annually, and they can vary significantly across different neighborhoods. Each year, Streator 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 Streator's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61364 zip code has both the highest and lowest median property tax rate of 4.03%. Understanding how these cities compare with Streator 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 Streator Tax Rate
4.03%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Streator, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61364 | 1.53% | 2.59% | 4.03% | 4.03% | 4.06% |
Source: Ownwell
Property Tax Assessment Values Across Streator, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Streator, 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 Appraisal District 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 Streator, 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 Streator helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Streator are both $1,576, in the 61364 zip code.
Average Streator Assessed Value
$47,830
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 Streator, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61364 | $21,681 | $33,552 | $47,830 | $80,378 | $102,252 |
Source: Ownwell
Property Tax Bills Across Streator, Illinois
In Streator, located in LaSalle County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. For instance, with a median home price of $47,830, the assessed value forms the basis for the tax calculation. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property’s location, improvements, and comparable property values in the area. Homeowners in Streator can expect a range of tax bills, with the 25th percentile paying around $1,050, while those in the 75th percentile pay approximately $2,343. The 90th percentile reaches up to $3,133. The median property tax bill in the area is $1,576, which is higher than the national median property tax rate of 0.99%. This higher tax rate can significantly impact homeowners, affecting their annual expenses and overall financial planning.
Average Streator Tax Bill
$1,576
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Streator, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61364 | $647 | $1,050 | $1,576 | $2,343 | $3,133 |
Source: Ownwell