Downs, Mclean County, Illinois Property Taxes

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

Median Downs, IL effective property tax rate: 2.66%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Downs, IL home value: $199,071
Median annual Downs, IL tax bill: $5,339, $2,939 higher than the national median property tax bill of $2,400.

How are property taxes in McLean calculated?

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

Last Updated March 1, 2025

Downs, Mclean County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.66%

Estimate Property Tax Bill

$5,295

$4,914

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, our calculator applies Downs’ 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 Downs, Mclean County, Illinois

Local government entities set property tax rates, which can vary significantly within Illinois. Each year, counties estimate their required budget for public services and divide that by the total assessed value of all taxable property in their jurisdiction, resulting in the property tax rate. This process involves votes and laws, but that's the gist of it. In Downs, located in McLean County, the effective property tax rate is 2.66%. This rate is notably higher than the national median property tax rate of 1.02%. It's important to understand how these rates compare to both the state and national averages, as they directly impact property tax bills. In Illinois, property taxes can be a significant financial consideration for homeowners, with Downs exemplifying this trend. Understanding these rates is crucial for property owners when planning their finances and considering potential appeals or exemptions. By comparing Downs' property tax rate to other cities in Illinois and across the U.S., homeowners can better gauge their tax obligations and explore opportunities for savings.

Property Tax Rates Across Downs, 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 Downs Tax Rate

2.66%

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 Downs, Mclean County, 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, Mclean County, Illinois

When examining property taxes in Downs, Illinois, 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 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 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 Downs. For example, the median home price in Downs is $199,071, with tax bills ranging significantly across the county. Zip code 61736 has the highest median home price at $199,071.

Property Tax Assessment Values Across Downs, Mclean County, Illinois

Source: Ownwell

$54,762

$156,365

$257,967

Median Downs Market Value

$199,071

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 Downs, Mclean County, 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, Mclean County, Illinois

In Downs, 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 local tax rate is then applied to this assessed value to determine the final tax bill. Various factors influence the tax bill, including local government budgets, school funding requirements, and public service needs. Homeowners in Downs experience a range of property tax bills, with the 25th percentile at $3,197 and the 75th percentile at $7,983. The 90th percentile reaches $10,429, indicating significant variation based on property value and location within the county. These figures are notably higher than the national median property tax bill of $2,400, reflecting the area's specific fiscal demands. Ownwell assists homeowners by identifying potential savings on their property tax bills through appeals and exemptions. By analyzing local property assessments and advocating for fair valuations, Ownwell helps homeowners reduce their financial burden, ensuring they pay only their fair share in property taxes.

Property Tax Bills Across Downs, Mclean County, Illinois

Source: Ownwell

$1,318

$3,989

$6,659

Median Downs Tax Bill

$5,339

Median Mclean County Tax Bill

$4,175

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Downs, Mclean County, 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