Arrowsmith, Mclean County, Illinois Property Taxes

Name: Property Tax Bills Across Arrowsmith, Mclean County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Arrowsmith, IL effective property tax rate: 2.40%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Arrowsmith, IL home value: $103,194
Median annual Arrowsmith, IL tax bill: $2,406, $6 higher than the national median property tax bill of $2,400.

How are property taxes in McLean calculated?

Property taxes in Arrowsmith, 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 Arrowsmith’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Arrowsmith, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Arrowsmith, Mclean County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.4%

Estimate Property Tax Bill

$2,477

$2,298

Ownwell’s Arrowsmith Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Arrowsmith with just two data points. By entering your property's estimated assessed value, our calculator applies Arrowsmith’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 McLean County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Arrowsmith, Mclean County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation occurs because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Arrowsmith, located in McLean County, Illinois, the effective property tax rate is significantly above the national median of 1.02%. This can have a notable impact on property owners, as higher property tax rates can lead to increased financial obligations. Comparing Arrowsmith’s rate to other cities in Illinois, it's clear that property tax rates are a crucial factor for homeowners to consider. While Illinois has some of the highest property tax rates in the nation, understanding the local tax landscape can help property owners make informed decisions. By appealing property taxes or seeking exemptions, property owners in Arrowsmith can potentially reduce their tax burden. It's essential for property owners to stay informed and proactive in managing their property tax responsibilities.

Property Tax Rates Across Arrowsmith, Mclean County, Illinois

Source: Ownwell

1.97%

2.39%

2.81%

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 Arrowsmith Tax Rate

2.40%

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 Arrowsmith, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61722	1.71%	2.11%	2.40%	2.57%	3.00%

Source: Ownwell

Property Tax Assessment Values Across Arrowsmith, Mclean County, Illinois

When examining property taxes in Arrowsmith, 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 appraisal district 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.

In McLean County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Arrowsmith. For example, the median home price in Arrowsmith is $103,194, with tax bills ranging significantly across the county. The 61722 zip code has the highest median home price at $103,194.

Property Tax Assessment Values Across Arrowsmith, Mclean County, Illinois

Source: Ownwell

$54,762

$156,365

$257,967

Median Arrowsmith Market Value

$103,194

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 Arrowsmith, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61722	$39,056	$74,550	$103,194	$134,709	$172,273

Source: Ownwell

Property Tax Bills Across Arrowsmith, Mclean County, Illinois

In Arrowsmith, located in McLean County, IL, property tax bills are primarily determined based on the assessed value of a home. The local tax rate is applied to this assessed value, which is typically a percentage of the property's market value. Homeowners in Arrowsmith face a median property tax bill of $2,406, aligning closely with the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,690 and the 90th percentile reaching up to $3,792. These variations can significantly impact homeowners' financial planning. Factors influencing these bills include changes in property market values, local government budgets, and public service funding needs. Homeowners might feel the pinch, especially if their property values increase, leading to higher taxes. Ownwell offers a lifeline by assisting homeowners in appealing their property assessments and ensuring they are not overpaying. By leveraging expert knowledge and experience, Ownwell helps clients navigate the complexities of property tax appeals, potentially resulting in substantial savings.

Property Tax Bills Across Arrowsmith, Mclean County, Illinois

Source: Ownwell

$1,318

$3,989

$6,659

Median Arrowsmith Tax Bill

$2,406

Median Mclean County Tax Bill

$4,175

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Arrowsmith, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61722	$659	$1,690	$2,406	$3,059	$3,792

Source: Ownwell