Atlanta, Illinois Property Taxes
The median property tax rate in Atlanta, Illinois is 2.59%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $146,769 in Atlanta, the typical annual property tax bill reaches $3,803, far exceeding the national median of $2,690. Property taxes in Atlanta are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Atlanta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Atlanta or another part of McLean County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Atlanta, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.59%
Estimate Property Tax Bill
$3,801
$3,715
Ownwell’s Atlanta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atlanta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atlanta 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 Atlanta, Illinois
Property taxes in Atlanta, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atlanta is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Atlanta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atlanta 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 Atlanta's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61723 has the highest median property tax rate of 2.59%, while the same zip code also has the lowest median tax rate of 2.59%. Understanding how these cities compare with Atlanta provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atlanta Tax Rate
2.59%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atlanta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61723 | 2.31% | 2.41% | 2.59% | 2.66% | 2.70% |
Source: Ownwell
Property Tax Assessment Values Across Atlanta, Illinois
In Atlanta, 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 McLean County Assessor's Office 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 Atlanta, 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 Atlanta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 61723, with a median bill of $3,803.
Average Atlanta Assessed Value
$146,769
Average Mclean County Assessed Value
$163,629
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atlanta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61723 | $88,631 | $110,433 | $146,769 | $188,052 | $212,822 |
Source: Ownwell
Property Tax Bills Across Atlanta, Illinois
In Atlanta, McLean 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 county's median home price is $146,769. Property taxes are then determined by applying the local tax rate to this assessed value. Homeowners in Atlanta can expect a tax bill that varies significantly based on their property's valuation. For instance, the 25th percentile tax bill is $2,730, while the 75th percentile reaches up to $5,022, and the 90th percentile can be as high as $5,753. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and applicable exemptions. Compared to the national median property tax rate of 0.99%, McLean County's rates can lead to substantial tax bills, impacting homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Atlanta Tax Bill
$3,803
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Atlanta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61723 | $2,086 | $2,730 | $3,803 | $5,022 | $5,753 |
Source: Ownwell