Troy Grove, Illinois Property Taxes
The median property tax rate in Troy Grove, IL is 2.39%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Troy Grove at $55,378, the typical annual property tax bill reaches $1,323, exceeding the national median of $2,690. Property taxes in Troy Grove 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 Troy Grove'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 Troy Grove 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
Troy Grove, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.39%
Estimate Property Tax Bill
$1,324
$1,228
Ownwell’s Troy Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy Grove 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 Troy Grove, Illinois
Property taxes in Troy Grove, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy Grove is 2.39%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Troy Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy Grove 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 Troy Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61372 zip code has both the highest and lowest median property tax rate of 2.39%. Understanding how these areas compare with Troy Grove 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 Troy Grove Tax Rate
2.39%
Average Lasalle County Tax Rate
3.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61372 | 2.39% | 2.39% | 2.39% | 2.39% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Troy Grove, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Troy Grove, 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. Assessment notices in Troy Grove 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 Troy Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61372 has the highest median tax bill at $1,323, which is above the national median property tax rate of 0.99%.
Average Troy Grove Assessed Value
$55,378
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 Troy Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61372 | $18,883 | $32,569 | $55,378 | $78,188 | $91,874 |
Source: Ownwell
Property Tax Bills Across Troy Grove, Illinois
In Troy Grove, LaSalle County, IL, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local assessor's office and is a percentage of the property's market value. For homeowners in Troy Grove, the property tax rate significantly impacts their annual tax bill. The median home price in the area is $55,378, and tax bills can vary widely depending on the specific property and its assessed value. For example, property tax bills in Troy Grove range from $778 at the 25th percentile to $2,194 at the 90th percentile. The highest median tax bill in the area is $1,323, which aligns with the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners need to consider these factors when budgeting for their annual expenses, as property taxes can significantly impact their financial planning.
Average Troy Grove Tax Bill
$1,323
Average Lasalle County Tax Bill
$2,340
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61372 | $451 | $778 | $1,323 | $1,867 | $2,194 |
Source: Ownwell