Towanda, Mclean County, Illinois Property Taxes

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

Median Towanda, IL effective property tax rate: 2.46%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Towanda, IL home value: $165,874
Median annual Towanda, IL tax bill: $3,903, $1,503 higher than the national median property tax bill of $2,400.

How are property taxes in McLean County calculated?

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

Last Updated March 1, 2025

Towanda, Mclean County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.46%

Estimate Property Tax Bill

$4,081

$3,787

Ownwell’s Towanda Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Towanda with just two data points. By entering your property's estimated assessed value, our calculator applies Towanda’s 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 Towanda, Mclean County, Illinois

Local government entities set tax rates, which can vary widely within a state. 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. Below, you can compare Towanda’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.

Towanda, located in McLean County, experiences a property tax rate of 2.46%, which is significantly higher than the national median of 1.02%. This rate is consistent across the county, as both the highest and lowest median tax rates are the same. In comparison to the national median property tax bill of $2400, property owners in Towanda may find themselves paying more due to this elevated rate. This highlights the importance of understanding local tax structures and considering potential savings through property tax appeal and exemption services.

Property Tax Rates Across Towanda, 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 Towanda Tax Rate

2.46%

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 Towanda, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61776	2.08%	2.32%	2.46%	2.57%	2.72%

Source: Ownwell

Property Tax Assessment Values Across Towanda, Mclean County, Illinois

When examining property taxes in Towanda, 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 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 Towanda. For example, the median home price in Towanda is $165,874, with tax bills ranging significantly across the county. 61776 has the highest median home price at $165,874.

Property Tax Assessment Values Across Towanda, Mclean County, Illinois

Source: Ownwell

$54,762

$156,365

$257,967

Median Towanda Market Value

$165,874

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 Towanda, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61776	$84,023	$114,386	$165,874	$231,771	$308,909

Source: Ownwell

Property Tax Bills Across Towanda, Mclean County, Illinois

In Towanda, located in McLean County, Illinois, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $165,874, and property tax rates are applied to this assessed value to determine the tax bill. Homeowners in Towanda face a median property tax bill that is significantly higher than the national median of $2,400. The 25th percentile tax bill is $2,771, while the 75th percentile is $5,802, with the 90th percentile reaching $7,793. This indicates a wide range of property tax liabilities in the area, affecting homeowners differently based on their property's assessed value and location within the county. Ownwell can assist homeowners in Towanda by identifying potential savings through property tax appeals and exemptions. By analyzing the assessed value of a property and comparing it to similar properties, Ownwell helps ensure homeowners are not overpaying, potentially reducing their tax bills and providing financial relief.

Property Tax Bills Across Towanda, Mclean County, Illinois

Source: Ownwell

$1,318

$3,989

$6,659

Median Towanda Tax Bill

$3,903

Median Mclean County Tax Bill

$4,175

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Towanda, Mclean County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61776	$1,880	$2,771	$3,903	$5,802	$7,793

Source: Ownwell