Lake Fork, Illinois Property Taxes
The median property tax rate in Lake Fork, IL is 2.26%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $174,105 in Lake Fork, the typical annual property tax bill reaches $4,019, exceeding the national median of $2,690. Property taxes in Lake Fork 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 Lake Fork'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 Lake Fork 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
Lake Fork, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.26%
Estimate Property Tax Bill
$3,935
$3,845
Ownwell’s Lake Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Fork 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 Lake Fork, Illinois
Property taxes in Lake Fork, Illinois, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Fork is 2.26%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lake Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Fork 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 Lake Fork's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62541 has the same median property tax rate of 2.26%. Understanding how these areas compare with Lake Fork provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Fork Tax Rate
2.26%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Fork, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62541 | 2.17% | 2.20% | 2.26% | 2.32% | 2.35% |
Source: Ownwell
Property Tax Assessment Values Across Lake Fork, Illinois
In Lake Fork, 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 Logan 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 Lake Fork, 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 Lake Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62541, with a median tax bill of $4019.
Average Lake Fork Assessed Value
$174,105
Average Logan County Assessed Value
$165,735
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Fork, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62541 | $112,293 | $135,472 | $174,105 | $212,738 | $235,917 |
Source: Ownwell
Property Tax Bills Across Lake Fork, Illinois
In Lake Fork, Logan County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $174,105, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $3,048 annually, while those in the 75th percentile might see bills closer to $4,991. The 90th percentile tax bill can reach up to $5,574. These figures reflect the local tax rate and the specific assessed value of each property. Several factors influence the tax bill, including the property's location, size, and any improvements made. Compared to the national median property tax rate of 0.99%, the rates in Lake Fork can be relatively high, impacting homeowners significantly. High property taxes can affect affordability and the overall cost of owning a home, making it essential for homeowners to understand how their tax bills are calculated and budget accordingly.
Average Lake Fork Tax Bill
$4,019
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Fork, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62541 | $2,465 | $3,048 | $4,019 | $4,991 | $5,574 |
Source: Ownwell