Lawrenceville, Illinois Property Taxes
The median property tax rate in Lawrenceville, IL is 2.61%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lawrenceville, the typical annual property tax bill reaches $760, which is below the national median of $2,690. Property taxes in Lawrenceville 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 Lawrenceville'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 Lawrenceville 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
Lawrenceville, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.61%
Estimate Property Tax Bill
$622
$608
Ownwell’s Lawrenceville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrenceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrenceville 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 Lawrenceville, Illinois
Property taxes in Lawrenceville, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrenceville is 2.61%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lawrenceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrenceville 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. Understanding how Lawrenceville's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Lawrenceville Tax Rate
2.61%
Average Lawrence County Tax Rate
3.07%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrenceville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62439 | 1.92% | 2.19% | 2.61% | 5.64% | 7.59% |
Source: Ownwell
Property Tax Assessment Values Across Lawrenceville, Illinois
In Lawrenceville, 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 Lawrence 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 Lawrenceville, 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. For instance, in Lawrenceville, the median home price is $23,827, with tax bills ranging widely. The 25th percentile tax bill is $271, while the 75th percentile tax bill is $1,561, and the 90th percentile tax bill reaches $2,803. The highest and lowest median tax bills are both $760 in the 62439 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lawrenceville Assessed Value
$23,827
Average Lawrence County Assessed Value
$22,875
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrenceville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62439 | $3,211 | $8,536 | $23,827 | $42,346 | $69,267 |
Source: Ownwell
Property Tax Bills Across Lawrenceville, Illinois
In Lawrenceville, located in Lawrence County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in the area is $23,827, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the property. Homeowners in Lawrenceville can expect a wide range of tax bills. The 25th percentile tax bill is around $271, while the 75th percentile tax bill reaches $1,561. For those at the higher end, the 90th percentile tax bill is approximately $2,803. The highest median tax bill in the area is $760, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Lawrenceville Tax Bill
$760
Average Lawrence County Tax Bill
$743
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrenceville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62439 | $85 | $271 | $760 | $1,561 | $2,803 |
Source: Ownwell