Strawn, Illinois Property Taxes
The median property tax rate in Strawn, IL is 2.94%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Strawn at $179,874, the typical annual property tax bill reaches $6,491, significantly exceeding the national median of $2,690. Property taxes in Strawn 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 Strawn'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 Strawn 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
Strawn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.94%
Estimate Property Tax Bill
$5,288
$5,167
Ownwell’s Strawn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Strawn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Strawn 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 Strawn, Illinois
Property taxes in Strawn, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Strawn is 2.94%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Strawn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Strawn 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 Strawn's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61775 has the highest median property tax rate of 2.94%, while the same zip code also has the lowest median tax rate of 2.94%. Understanding how these areas compare with Strawn 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 Strawn Tax Rate
2.94%
Average Livingston County Tax Rate
3.02%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | 2.00% | 2.59% | 2.94% | 3.40% | 3.93% |
Source: Ownwell
Property Tax Assessment Values Across Strawn, Illinois
In Strawn, 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 Livingston 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 Strawn, 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. The median home price in Strawn is $179,874. 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 Strawn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $6,491 in zip code 61775.
Average Strawn Assessed Value
$179,874
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 Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | $64,520 | $118,329 | $179,874 | $312,057 | $409,575 |
Source: Ownwell
Property Tax Bills Across Strawn, Illinois
In Strawn, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. For instance, if a home in Strawn is valued at the median price of $179,874, the assessed value is calculated by local assessment rules. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property’s location within Livingston County and the specific tax levies imposed by local taxing authorities such as schools, municipalities, and special districts. Homeowners in Strawn can expect a wide range of tax bills. For example, at the 25th percentile, a tax bill might be around $2,541, whereas at the 75th percentile, it can rise to $10,976. The highest median tax bill recorded in the area is $6,491, which is significantly higher than the national median property tax rate of 0.99%. These property taxes play a crucial role in funding essential community services, impacting homeowners both financially and in terms of local amenities.
Average Strawn Tax Bill
$6,491
Average Livingston County Tax Bill
$4,592
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Strawn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61775 | $1,882 | $2,541 | $6,491 | $10,976 | $14,462 |
Source: Ownwell