Downs, Illinois Property Taxes
The median property tax rate in Downs, IL is 2.66%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Downs, the typical annual property tax bill reaches $5,339, exceeding the national median of $2,690. Property taxes in Downs are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Downs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Downs or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Downs, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.66%
Estimate Property Tax Bill
$5,295
$5,174
Ownwell’s Downs Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Downs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Downs 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 Downs, Illinois
Property taxes in Downs, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Downs is 2.66%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Downs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Downs 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 Downs' effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61736 has the highest median property tax rate of 2.66%, while the lowest median tax rate is also 2.66% in the same zip code. Understanding how these cities compare with Downs 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 Downs Tax Rate
2.66%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Downs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61736 | 2.22% | 2.49% | 2.66% | 2.75% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across Downs, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Downs, Illinois. 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 local 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 Downs, 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 Downs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 61736 has the highest and lowest median tax bill at $5,339.
Average Downs Assessed Value
$199,071
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 Downs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61736 | $85,422 | $124,830 | $199,071 | $297,231 | $391,701 |
Source: Ownwell
Property Tax Bills Across Downs, Illinois
In Downs, located in McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The assessed value is typically a percentage of the market value, determined by the local assessor's office. Once the assessed value is established, the local tax rate is applied to calculate the final tax bill. Several factors influence the tax bill, including the property's location, local government budgets, and any applicable exemptions. For instance, a median home in Downs, valued at $199,071, can expect a property tax bill ranging from $3,197 at the 25th percentile to $10,429 at the 90th percentile. The median property tax rate in McLean County is significantly higher than the national median of 0.99%, reflecting local funding needs for services such as schools and infrastructure. High property taxes can impact homeowners by increasing the overall cost of owning a home, potentially affecting affordability and long-term financial planning.
Average Downs Tax Bill
$5,339
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Downs, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61736 | $1,975 | $3,197 | $5,339 | $7,983 | $10,429 |
Source: Ownwell