Forrest, Illinois Property Taxes
The median property tax rate in Forrest, IL is 2.96%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $160,293, the typical annual property tax bill in Forrest reaches $4,694, far exceeding the national median of $2,690. Property taxes in Forrest are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Forrest'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 Forrest or another part of Livingston County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forrest, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.96%
Estimate Property Tax Bill
$4,745
$4,636
Ownwell’s Forrest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forrest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forrest 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 Forrest, Illinois
Property taxes in Forrest, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forrest is 2.96%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Forrest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forrest 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 Forrest's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61741 zip code has both the highest and lowest median property tax rate of 2.96%. Understanding how these cities compare with Forrest provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forrest Tax Rate
2.96%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forrest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61741 | 2.55% | 2.69% | 2.96% | 3.25% | 3.51% |
Source: Ownwell
Property Tax Assessment Values Across Forrest, Illinois
In Forrest, 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 local 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 Forrest, 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 Forrest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 61741 has the highest median tax bill, amounting to $4,694.
Average Forrest Assessed Value
$160,293
Average Livingston County Assessed Value
$144,219
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forrest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61741 | $38,761 | $107,134 | $160,293 | $207,663 | $262,742 |
Source: Ownwell
Property Tax Bills Across Forrest, Illinois
Property tax bills in Forrest, located in Livingston County, IL, are calculated based on the assessed value of a property, which is typically a percentage of the market value. For instance, if the median home price in Forrest is $160,293, the assessed value might be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Forrest can expect a wide range of tax bills. The 25th percentile tax bill is around $3,041, while those in the 75th percentile might pay approximately $6,073. At the 90th percentile, the tax bill can reach up to $8,340. These property taxes significantly impact homeowners, affecting their annual budgets and the overall affordability of owning a home in Forrest. Compared to the national median property tax rate of 0.99%, the tax rates in Forrest may vary, highlighting the importance of understanding local property tax regulations.
Average Forrest Tax Bill
$4,694
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Forrest, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61741 | $1,470 | $3,041 | $4,694 | $6,073 | $8,340 |
Source: Ownwell