Anchor, Mclean County, Illinois Property Taxes
Median {cityname:ANCHOR}, {statename:IL} effective property tax rate: 2.45%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median {cityname:ANCHOR}, {statename:IL} home value: $82,768
Median annual {cityname:ANCHOR}, {statename:IL} tax bill: $2,014, $386 lower than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in {cityname:ANCHOR}, {statename:IL} are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding {cityname:ANCHOR}’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in {cityname:ANCHOR}, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Anchor, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.45%
Estimate Property Tax Bill
$2,028
$1,882
Ownwell’s {cityname:ANCHOR} Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in {cityname:ANCHOR} with just two data points.
By entering your property's estimated assessed value, our calculator applies {city_name:ANCHOR}’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in {county_name:17113}.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Anchor, Mclean County, Illinois
Local government entities are responsible for setting tax rates, and these can differ significantly within a state. The process involves each county estimating its necessary budget for public services and dividing that by the total assessed value of all taxable properties in the area. This calculation determines the property tax rate. Although setting tax rates and budgets involves votes and legislation, this is essentially the yearly procedure.
Comparing the effective property tax rate of {cityname:ANCHOR} in McLean County, Illinois, to other cities within the state reveals a notable difference. The median property tax rate in Illinois stands at 2.45%, significantly higher than the national median property tax rate of 1.02%. This means that property owners in Illinois, including those in {cityname:ANCHOR}, generally face higher property tax bills compared to the national median. Understanding these differences can help property owners make informed decisions about appealing their property taxes or seeking exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Anchor Tax Rate
2.45%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Mclean County Tax Rate
2.62%
Median Effective Illinois Tax Rate
2.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Anchor, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | 1.33% | 2.07% | 2.45% | 2.78% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Anchor, Mclean County, Illinois
When examining property taxes in {cityname:ANCHOR} in {statename:IL}, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The McLean County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
Assessment notices:
Assessment notices in McLean County are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in {city_name:ANCHOR}.
For example, the median home price in {city_name:ANCHOR} is $82,768, with tax bills ranging significantly across the county. 61720 has the highest median home price at $82,768.
Property Tax Assessment Values Across Anchor, Mclean County, Illinois
Source: Ownwell
$54,762
$156,365
$257,967
Median Anchor Market Value
$82,768
Median Mclean County Market Value
$163,629
Median Illinois Market Value
$194,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Anchor, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $41,545 | $57,208 | $82,768 | $109,461 | $148,190 |
Source: Ownwell
Property Tax Bills Across Anchor, Mclean County, Illinois
In the city of Bloomington in McLean 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 here is $82,768. The local tax rate is then applied to this assessed value to determine the annual tax bill. For Bloomington homeowners, tax bills can vary significantly, with the 25th percentile at $1,168 and the 75th percentile reaching $3,045. At the 90th percentile, homeowners might see bills as high as $3,811. These figures are notably higher than the national median property tax bill of $2,400, emphasizing the importance of understanding and managing these costs.
Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing your property’s assessed value and comparing it with similar properties, Ownwell can identify potential savings opportunities. This can help reduce your tax bill, ensuring you pay only your fair share. With Ownwell’s expertise, Bloomington homeowners can navigate the complexities of property taxes with confidence and ease.
Median Anchor Tax Bill
$2,014
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Anchor, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61720 | $587 | $1,168 | $2,014 | $3,045 | $3,811 |
Source: Ownwell