Ellsworth, Illinois Property Taxes
The median property tax rate in Ellsworth, Illinois is 2.45%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Ellsworth, the typical annual property tax bill reaches $2,876, exceeding the national median of $2,690. Property taxes in Ellsworth 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 Ellsworth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ellsworth or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ellsworth, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.45%
Estimate Property Tax Bill
$3,001
$2,932
Ownwell’s Ellsworth Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Ellsworth. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Ellsworth to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by McLean County for tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Ellsworth, Illinois
Property taxes in Ellsworth, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ellsworth is 2.45%, significantly higher than the U.S. national median of 0.99%. Local government entities within Ellsworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ellsworth 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 Ellsworth's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61737 zip code has the highest median property tax rate of 2.45%, while the same zip code also has the lowest median tax rate of 2.45%. Understanding how these cities compare with Ellsworth 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 Ellsworth Tax Rate
2.45%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ellsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61737 | 1.95% | 2.28% | 2.45% | 2.69% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Ellsworth, Illinois
In Ellsworth, 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 Assessment 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 Ellsworth, 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 Ellsworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $2,876 in the 61737 zip code, while the lowest median tax bill is also $2,876 in the same zip code.
Average Ellsworth Assessed Value
$122,478
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 Ellsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61737 | $46,921 | $89,274 | $122,478 | $171,420 | $212,558 |
Source: Ownwell
Property Tax Bills Across Ellsworth, Illinois
Property tax bills in Ellsworth, located in McLean County, Illinois, are calculated based on the assessed value of a property, which is typically a fraction of its market value. The local tax rate is then applied to this assessed value. In Ellsworth, the median home price is $122,478, and the property tax rate varies within the region. For example, the 25th percentile tax bill is $2,171, while the 75th percentile tax bill rises to $4,042, and the 90th percentile tax bill reaches $5,297. These figures indicate a significant range in tax liabilities, reflecting differences in property values and potentially the application of various exemptions or local levies. Compared to the national median property tax rate of 0.99%, Ellsworth's property taxes can be relatively high, impacting homeowners by increasing their annual housing costs. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Ellsworth Tax Bill
$2,876
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Ellsworth, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61737 | $839 | $2,171 | $2,876 | $4,042 | $5,297 |
Source: Ownwell