El Paso, Mclean County, Illinois Property Taxes
Median EL PASO, IL effective property tax rate: 2.28%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median EL PASO, IL home value: $158,445
Median annual EL PASO, IL tax bill: $3,975, $1,575 higher than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in EL PASO, 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 EL PASO’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in EL PASO, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
El Paso, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.28%
Estimate Property Tax Bill
$3,613
$3,352
Property Tax Rates Across El Paso, Mclean County, Illinois
Local government entities determine tax rates, which can significantly differ within a state. This variation is due to each county's annual process of estimating its budget to provide necessary services and dividing that by the total value of all taxable property in its area, resulting in the property tax rate. Although votes and legislation play roles in setting these rates and budgets, this is the fundamental process.
In EL PASO, located in McLean County, the effective property tax rate stands at 2.28%, which is notably higher than both the Illinois median and the national median rate of 1.02%. This places EL PASO among the cities with the highest property tax rates in Illinois, with the same rate as the highest in the state. Despite this, the consistency of the rate across different areas within the county ensures residents face predictable tax bills. Understanding these rates is crucial for property owners looking to manage their financial commitments effectively. Comparing EL PASO's rate to other cities in Illinois and the national median provides valuable insight for current and prospective property owners.
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 El Paso Tax Rate
2.28%
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 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 El Paso, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 1.63% | 1.95% | 2.28% | 2.40% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, Mclean County, Illinois
When examining property taxes in EL PASO, 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 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 EL PASO. For example, the median home price in EL PASO is $158,445, with tax bills ranging significantly across the county. 61738 has the highest median home price at $158,445.
Property Tax Assessment Values Across El Paso, Mclean County, Illinois
Source: Ownwell
$54,762
$156,365
$257,967
Median El Paso Market Value
$158,445
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 El Paso, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $118,756 | $122,805 | $158,445 | $193,935 | $219,003 |
Source: Ownwell
Property Tax Bills Across El Paso, Mclean County, Illinois
In EL PASO, located in McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as local government budgets and the funding needs of public services like schools and infrastructure also influence the rate. With a median home price of $158,445, property taxes can significantly impact homeowners' finances. The 25th percentile tax bill is $2,394, while the 75th percentile reaches $4,376, and the 90th percentile rises to $5,320, all of which are above the national median property tax bill of $2,400.
Ownwell can assist homeowners in reducing their property tax bills by providing expert property tax appeal services. By reviewing property assessments and identifying potential discrepancies, Ownwell helps ensure homeowners are not overpaying. This service can lead to significant savings, easing the financial burden of property taxes and providing peace of mind.
Median El Paso Tax Bill
$3,975
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across El Paso, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $2,070 | $2,394 | $3,975 | $4,376 | $5,320 |
Source: Ownwell