Stanford, Mclean County, Illinois Property Taxes
Median Stanford, IL effective property tax rate: 2.81%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Stanford, IL home value: $101,613
Median annual Stanford, IL tax bill: $2,714, $314 higher than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in Stanford, 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 Stanford’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Stanford, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Stanford, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.81%
Estimate Property Tax Bill
$2,855
$2,650
Property Tax Rates Across Stanford, Mclean County, Illinois
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 Stanford Tax Rate
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 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 Stanford, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | 1.93% | 2.51% | 2.81% | 3.07% | 3.43% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Mclean County, Illinois
When examining property taxes in Stanford, 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's Office 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 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 Stanford. For example, the median home price in Stanford is $101,613, with tax bills ranging significantly across the county. Zip code 61774 has the highest median home price at $101,613.
Property Tax Assessment Values Across Stanford, Mclean County, Illinois
Source: Ownwell
$54,762
$156,365
$257,967
Median Stanford Market Value
$101,613
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 Stanford, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $29,626 | $63,914 | $101,613 | $147,052 | $217,437 |
Source: Ownwell
Property Tax Bills Across Stanford, Mclean County, Illinois
In Stanford, McLean County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the property tax bill. Several factors, including local government budgets and school funding needs, influence these rates. Homeowners in Stanford face property tax bills that can vary significantly, with the 25th percentile at $1,482 and the 75th percentile reaching $4,245. This variability can impact household finances, especially when compared to the national median property tax bill of $2,400.
Ownwell assists homeowners in reducing their property tax bills by providing expert property tax appeal and exemption services. By evaluating your property's assessed value and ensuring it aligns with market conditions, Ownwell helps identify opportunities for tax savings. Our team of experts guides you through the appeal process, potentially lowering your tax bill and easing the financial burden on your household.
Median Stanford Tax Bill
$2,714
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$4,715
Median United States Tax Bill
$2,400
Property Tax Bills Across Stanford, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $735 | $1,482 | $2,714 | $4,245 | $6,044 |
Source: Ownwell