Washburn, Illinois Property Taxes
The median property tax rate in Washburn, IL is 2.56%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Washburn at $149,636, the typical annual property tax bill reaches $3,506, exceeding the national median of $2,690. Property taxes in Washburn 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 Washburn'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 Washburn 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
Washburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$3,831
$3,555
Ownwell’s Washburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washburn 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 Washburn, Illinois
Property taxes in Washburn, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Washburn is 2.56%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Washburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washburn 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 Washburn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61570 zip code has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Washburn provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Washburn Tax Rate
2.56%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61570 | 1.89% | 2.27% | 2.56% | 2.74% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Washburn, Illinois
In Washburn, 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 Marshall 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 Washburn, 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. For instance, the median home price in Washburn is $149,636, with tax bills varying significantly. The 25th percentile tax bill is $2,262, while the 75th percentile tax bill is $5,493, and the 90th percentile tax bill reaches $6,785. The zip code 61570 has the highest and lowest median tax bill of $3,506. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Washburn Assessed Value
$149,636
Average Marshall County Assessed Value
$137,295
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Washburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61570 | $63,679 | $93,008 | $149,636 | $189,613 | $243,448 |
Source: Ownwell
Property Tax Bills Across Washburn, Illinois
Property tax bills in Washburn, located in Marshall County, IL, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's location, its assessed value, and the specific tax rates set by local government entities and school districts. For example, in Washburn, the median home price is $149,636. Homeowners in the lower 25th percentile can expect a tax bill of around $2,262, while those in the upper 75th percentile might pay about $5,493. The top 10% of tax bills can reach up to $6,785. These figures highlight how property taxes can vary significantly based on the value of the home and local tax rates. With the national median property tax rate at 0.99%, Washburn's rates can be seen as relatively high, impacting homeowners' annual expenses substantially.
Average Washburn Tax Bill
$3,506
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Washburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61570 | $1,429 | $2,262 | $3,506 | $5,493 | $6,785 |
Source: Ownwell