Forest City, Illinois Property Taxes
The median property tax rate in Forest City, IL is 3.07%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Forest City at $78,759, the typical annual property tax bill reaches $2,805, slightly exceeding the national median of $2,690. Property taxes in Forest City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Forest City'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 Forest City or another part of Mason County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest City, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.07%
Estimate Property Tax Bill
$2,418
$2,363
Ownwell’s Forest City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest City 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 Forest City, Illinois
Property taxes in Forest City, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest City is 3.07%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Forest City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest City 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 Forest City's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61532 has both the highest and lowest median property tax rate of 3.07%. Understanding how these cities compare with Forest City provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest City Tax Rate
3.07%
Average Mason County Tax Rate
2.98%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61532 | 2.59% | 2.79% | 3.07% | 3.55% | 3.88% |
Source: Ownwell
Property Tax Assessment Values Across Forest City, Illinois
In Forest City, 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 Mason 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 Forest City, 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 Forest City 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 $2805 in zip code 61532, which is also the lowest.
Average Forest City Assessed Value
$78,759
Average Mason County Assessed Value
$73,888
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61532 | $22,610 | $36,334 | $78,759 | $138,614 | $183,064 |
Source: Ownwell
Property Tax Bills Across Forest City, Illinois
In Forest City, located in Mason County, IL, property tax bills are determined by a combination of the assessed value of the home and the local tax rate. The assessed value is a percentage of the market value of the property, which is then multiplied by the local tax rate to calculate the annual tax bill. For example, the median home price in Forest City is $78,759, and the national median property tax rate is 0.99%. However, local rates can vary, which significantly impacts the final tax bill. Factors such as property improvements, neighborhood developments, and changes in the local economy can influence the assessed value. Homeowners in Forest City can expect their tax bills to range widely. For instance, the 25th percentile tax bill is $1,204, while the 75th percentile tax bill reaches $4,694. The 90th percentile tax bill can be as high as $5,338. These variations affect homeowners differently, depending on their property's assessed value and the applicable tax rate. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Forest City Tax Bill
$2,805
Average Mason County Tax Bill
$2,133
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest City, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61532 | $796 | $1,204 | $2,805 | $4,694 | $5,338 |
Source: Ownwell