Elwin, Illinois Property Taxes
The median property tax rate in Elwin, IL is 1.81%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Elwin, the typical annual property tax bill reaches $1,752, exceeding the national median of $2,690. Property taxes in Elwin 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 Elwin'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 Elwin 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
Elwin, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.81%
Estimate Property Tax Bill
$1,385
$1,353
Ownwell’s Elwin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwin 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 Elwin, Illinois
Property taxes in Elwin, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwin is 1.81%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elwin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwin 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 Elwin's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62523 has the highest median property tax rate of 2.32%, while the zip code 62532 has the lowest median tax rate of 1.79%. Understanding how these areas compare with Elwin provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwin Tax Rate
1.81%
Average Macon County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62523 | 2.32% | 2.32% | 2.32% | 2.32% | 2.32% |
| 62532 | 1.37% | 1.56% | 1.79% | 1.90% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Elwin, Illinois
In Elwin, 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 Macon 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 Elwin, 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 Elwin 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 $5,851 in zip code 62523, while the lowest is $1,683 in zip code 62532.
Average Elwin Assessed Value
$76,493
Average Macon County Assessed Value
$87,275
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62523 | $251,962 | $251,962 | $251,962 | $251,962 | $251,962 |
| 62532 | $45,350 | $61,388 | $75,970 | $109,668 | $157,148 |
Source: Ownwell
Property Tax Bills Across Elwin, Illinois
In Elwin, located in Macon County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, applied to the assessed value, determines the total tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. Homeowners in Elwin face varying tax bills, with the 25th percentile at $1,115 and the 75th percentile reaching $2,584. For those in the 90th percentile, tax bills can soar to $4,742. This variation reflects differences in property values and assessment practices within the area. Compared to the national median property tax rate of 0.99%, homeowners in Elwin may experience higher or lower rates depending on their specific circumstances. Understanding how property tax bills are calculated helps homeowners anticipate their financial responsibilities and plan accordingly. It also underscores the importance of accurate property assessments and staying informed about local tax rates and exemptions.
Average Elwin Tax Bill
$1,752
Average Macon County Tax Bill
$2,091
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwin, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62523 | $5,851 | $5,851 | $5,851 | $5,851 | $5,851 |
| 62532 | $813 | $1,062 | $1,683 | $2,334 | $2,961 |
Source: Ownwell