Mc Lean, Mclean County, Illinois Property Taxes
Median MC LEAN, IL effective property tax rate: 2.73%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median MC LEAN, IL home value: $113,574
Median annual MC LEAN, IL tax bill: $3,048, $648 higher than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in MC LEAN, 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 MC LEAN’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in MC LEAN, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Mc Lean, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.73%
Estimate Property Tax Bill
$3,101
$2,877
Property Tax Rates Across Mc Lean, 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.
In McLean, Illinois, the effective property tax rate stands at 2.73%, significantly higher than the national median of 1.02%. This makes McLean one of the counties with the highest property tax rates in Illinois. The higher rates reflect the county's budgetary needs and the value of taxable properties.
For property owners in McLean, these rates translate into a substantial property tax bill, often exceeding the national median of $2,400. However, understanding the factors influencing these rates can empower property owners to explore potential tax appeal and exemption opportunities. By comparing McLean’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S., property owners can make informed decisions about managing their property tax obligations.
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 Mc Lean Tax Rate
2.73%
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 Mc Lean, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | 2.14% | 2.50% | 2.73% | 2.90% | 3.28% |
Source: Ownwell
Property Tax Assessment Values Across Mc Lean, Mclean County, Illinois
When examining property taxes in MC LEAN, 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.
Assessment notices: 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 MC LEAN. For example, the median home price in MC LEAN is $113,574, with tax bills ranging significantly across the county. 61754 has the highest median home price at $113,574.
Property Tax Assessment Values Across Mc Lean, Mclean County, Illinois
Source: Ownwell
$54,762
$156,365
$257,967
Median Mc Lean Market Value
$113,574
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 Mc Lean, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | $59,095 | $83,890 | $113,574 | $146,684 | $209,479 |
Source: Ownwell
Property Tax Bills Across Mc Lean, Mclean County, Illinois
In McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the tax bill. Various factors such as property location, local government budgets, and school district needs can influence the tax rate. Homeowners in MC LEAN face a median property tax bill of $3,048, which is notably higher than the national median of $2,400. This can place a significant financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.
Ownwell offers a solution by providing professional property tax appeal and exemption services. By analyzing your property’s assessed value and ensuring its accuracy, Ownwell can help identify potential savings. Our expertise in navigating the complexities of property tax assessments ensures that homeowners pay only their fair share, ultimately reducing their tax burden and saving money.
Median Mc Lean Tax Bill
$3,048
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Mc Lean, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61754 | $1,402 | $2,087 | $3,048 | $4,053 | $5,936 |
Source: Ownwell