Litchfield, Illinois Property Taxes
The median property tax rate in Litchfield, IL is 1.59%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With a median home value of $63,624 in Litchfield, the typical annual property tax bill reaches $978, significantly below the national median of $2,690. Property taxes in Litchfield are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Litchfield'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 Litchfield 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
Litchfield, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, Illinois
Property taxes in Litchfield, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 1.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary across different neighborhoods. Each year, Litchfield 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 Litchfield's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62056 has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Litchfield provides valuable insights into the varying tax landscape across Macoupin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Litchfield Tax Rate
1.59%
Average Macoupin County Tax Rate
1.93%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62056 | 0.71% | 1.14% | 1.59% | 1.98% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, Illinois
In Litchfield, 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 Macoupin 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 Litchfield, 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 Litchfield 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 62056, with a median tax bill of $978.00, which is notably higher than the national median property tax rate of 0.99%.
Average Litchfield Assessed Value
$63,624
Average Macoupin County Assessed Value
$80,204
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Litchfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62056 | $9,896 | $21,556 | $63,624 | $89,750 | $146,742 |
Source: Ownwell
Property Tax Bills Across Litchfield, Illinois
In Litchfield, located in Macoupin County, IL, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Litchfield is $63,624. The property tax rate in this region affects how much homeowners pay annually. For example, the median property tax bill is $978.00, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Litchfield can expect their tax bills to vary widely. For instance, tax bills range from $263 at the 25th percentile to $1,495 at the 75th percentile, and can go as high as $2,524 at the 90th percentile. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the community and homeowners’ contributions toward these essential services.
Average Litchfield Tax Bill
$978
Average Macoupin County Tax Bill
$1,490
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62056 | $99 | $263 | $978 | $1,495 | $2,524 |
Source: Ownwell