Livingston, Illinois Property Taxes
The median property tax rate in Livingston, IL is 1.67%, considerably higher than the national median of 0.99% but lower than the Illinois state median of 2.35%. With the median home value in Livingston at $61,862, the typical annual property tax bill reaches $986, which is below the national median of $2,690. Property taxes in Livingston 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 Livingston'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 Livingston 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
Livingston, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.67%
Estimate Property Tax Bill
$1,033
$1,009
Ownwell’s Livingston Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Livingston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Livingston to provide an estimated 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 Livingston, Illinois
Property taxes in Livingston, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Livingston is 1.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Livingston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Livingston 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 Livingston's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 62058 has the highest median property tax rate of 1.67%, while the same zip code also has the lowest median tax rate of 1.67%. Understanding how these areas compare with Livingston provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Livingston Tax Rate
1.67%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Livingston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62058 | 0.80% | 1.30% | 1.67% | 1.96% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Livingston, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Livingston, Illinois. 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 local 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 Livingston, 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 Livingston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Livingston is $61,862, with tax bills ranging from $615 at the 25th percentile to $2,526 at the 90th percentile. The zip code with the highest median tax bill is 62058, which stands at $986.
Average Livingston Assessed Value
$61,862
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Livingston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62058 | $25,270 | $43,596 | $61,862 | $98,484 | $148,919 |
Source: Ownwell
Property Tax Bills Across Livingston, Illinois
In Livingston, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The assessed value is a percentage of the home's market value. Several factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Livingston, the median home price is $61,862. Property tax bills can vary significantly, with the 25th percentile tax bill at $615 and the 75th percentile reaching $1,599. At the 90th percentile, homeowners might see tax bills as high as $2,526. These figures illustrate the range homeowners can expect, influenced by the assessed value and local tax rates. The property tax rate in Livingston is higher than the national median of 0.99%, impacting homeowners by requiring a more substantial annual financial commitment to cover their property taxes. This can affect household budgets and long-term financial planning.
Average Livingston Tax Bill
$986
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Livingston, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62058 | $304 | $615 | $986 | $1,599 | $2,526 |
Source: Ownwell