Chenoa, Mclean County, Illinois Property Taxes

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

Median Chenoa, IL effective property tax rate: 2.59%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Chenoa, IL home value: $91,173
Median annual Chenoa, IL tax bill: $2,276, $124 lower than the national median property tax bill of $2,400.

How are property taxes in McLean calculated?

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

Last Updated March 1, 2025

Chenoa, Mclean County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.59%

Estimate Property Tax Bill

$2,361

$2,191

Ownwell’s Chenoa Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Chenoa with just two data points. By entering your property's estimated assessed value, our calculator applies Chenoa’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 Chenoa, 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. Below, you can compare Chenoa’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Property Tax Rates Across Chenoa, 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 Chenoa Tax Rate

2.59%

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 Chenoa, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61726	1.74%	2.26%	2.59%	2.88%	3.21%

Source: Ownwell

Property Tax Assessment Values Across Chenoa, Mclean County, Illinois

When examining property taxes in Chenoa, 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.

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 Chenoa.

For example, the median home price in Chenoa is $91,173, with tax bills ranging significantly across the county. Zip code 61726 has the highest median home price at $91,173.

Property Tax Assessment Values Across Chenoa, Mclean County, Illinois

Source: Ownwell

$54,762

$156,365

$257,967

Median Chenoa Market Value

$91,173

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 Chenoa, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61726	$40,591	$65,966	$91,173	$131,081	$169,278

Source: Ownwell

Property Tax Bills Across Chenoa, Mclean County, Illinois

In Chenoa, located in McLean County, IL, property tax bills are calculated based on the assessed value of a home, which typically reflects a percentage of its market value. With a median home price of $91,173, the property tax rate in this area can lead to significant tax bills. For instance, the 25th percentile tax bill is around $1,533, while the 75th percentile reaches $3,327, and the 90th percentile climbs to $4,587. These figures highlight the potential financial burden on homeowners, especially when compared to the national median property tax bill of $2,400. The tax bill in Chenoa is influenced by factors such as local tax rates and property assessments. Homeowners in this region can significantly benefit from appealing their property tax assessments to ensure they are not overpaying. Ownwell offers expert property tax appeal services that help homeowners save money by identifying discrepancies in assessments and securing potential tax reductions. By leveraging Ownwell's expertise, homeowners can navigate the complexities of property taxes and potentially lower their tax bills.

Property Tax Bills Across Chenoa, Mclean County, Illinois

Source: Ownwell

$1,318

$3,989

$6,659

Median Chenoa Tax Bill

$2,276

Median Mclean County Tax Bill

$4,175

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Chenoa, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61726	$913	$1,533	$2,276	$3,327	$4,587

Source: Ownwell