Lincoln, Illinois Property Taxes
The median property tax rate in Lincoln, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lincoln, the typical annual property tax bill reaches $3,421, exceeding the national median of $2,690. Property taxes in Lincoln 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 Lincoln'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 Lincoln 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
Lincoln, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$3,437
$3,189
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Illinois
Property taxes in Lincoln, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62656 zip code has both the highest and lowest median property tax rate of 2.34%. Understanding how these areas compare with Lincoln 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 Lincoln Tax Rate
2.34%
Average Logan County Tax Rate
2.39%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | 1.77% | 2.10% | 2.34% | 2.62% | 3.24% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Illinois
In Lincoln, 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 Assessment Office 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62656, both at $3,421.
Average Lincoln Assessed Value
$146,880
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 Lincoln, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | $47,700 | $86,220 | $146,880 | $230,130 | $321,678 |
Source: Ownwell
Property Tax Bills Across Lincoln, Illinois
In Lincoln, Logan County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is typically a percentage of the market value, and local tax rates are then applied to this assessed value to determine the tax bill. For instance, with a median home price of $146,880, the property tax rate in Lincoln results in varying tax bills depending on the property's assessed value and any applicable exemptions. Homeowners can expect tax bills to fall within a wide range. The tax bill at the 25th percentile is around $1,955, while at the 75th percentile, it reaches $5,516. For those in the 90th percentile, tax bills can soar to $8,416. The highest median tax bill in the area is $3,421, which matches the lowest, indicating a consistent tax rate across different neighborhoods. This can significantly impact homeowners, influencing their monthly expenses and overall affordability of homeownership in the region.
Average Lincoln Tax Bill
$3,421
Average Logan County Tax Bill
$4,059
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | $1,271 | $1,955 | $3,421 | $5,516 | $8,416 |
Source: Ownwell