Wenona, Illinois Property Taxes
The median property tax rate in Wenona, IL is 2.92%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wenona, the typical annual property tax bill reaches $4,062, exceeding the national median of $2,690. Property taxes in Wenona 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 Wenona'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 Wenona 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
Wenona, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.92%
Estimate Property Tax Bill
$3,895
$3,614
Ownwell’s Wenona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wenona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wenona 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 Wenona, Illinois
Property taxes in Wenona, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wenona is 2.92%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wenona set these rates annually, and they can vary across different neighborhoods. Each year, Wenona 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. Understanding how Wenona's effective property tax rate compares to other regions 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 Wenona Tax Rate
2.92%
Average Marshall County Tax Rate
2.51%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wenona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61377 | 2.19% | 2.55% | 2.92% | 3.17% | 3.17% |
Source: Ownwell
Property Tax Assessment Values Across Wenona, Illinois
In Wenona, 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 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 Wenona, 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 Wenona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Wenona is $133,388, with tax bills ranging from $2,091 at the 25th percentile to $8,137 at the 90th percentile. The zip code 61377 has the highest median tax bill at $4,062.
Average Wenona Assessed Value
$133,388
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 Wenona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61377 | $45,808 | $70,618 | $133,388 | $192,584 | $253,963 |
Source: Ownwell
Property Tax Bills Across Wenona, Illinois
In Wenona, located in Marshall 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 assessed value is then multiplied by the local tax rate to determine the property tax bill. For instance, the median home price in Wenona is $133,388. Homeowners in this area see a wide range of tax bills, from the 25th percentile at $2,091 to the 90th percentile at $8,137, reflecting the variability in property values and tax rates within the region. Several factors influence the final tax bill, including the home's assessed value, the local tax rate, and applicable exemptions or deductions. Comparatively, the national median property tax rate is 0.99%, which can help homeowners understand how their local rates stack up against the broader national landscape. For homeowners in Wenona, understanding these factors is crucial, as property taxes can significantly impact annual household expenses and overall financial planning.
Average Wenona Tax Bill
$4,062
Average Marshall County Tax Bill
$3,331
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wenona, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61377 | $1,043 | $2,091 | $4,062 | $5,803 | $8,137 |
Source: Ownwell