Towanda, Illinois Property Taxes
The median property tax rate in Towanda, IL is 2.46%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Towanda, the typical annual property tax bill reaches $3,903, exceeding the national median of $2,690. Property taxes in Towanda 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 Towanda'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 Towanda 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
Towanda, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$4,081
$3,787
Ownwell’s Towanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Towanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Towanda to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Towanda, Illinois
Property taxes in Towanda, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Towanda is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Towanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Towanda 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 Towanda's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61776 has both the highest and lowest median property tax rate of 2.46%. Understanding how these cities compare with Towanda 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 Towanda Tax Rate
2.46%
Average Mclean County Tax Rate
2.62%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Towanda, 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, Illinois
In Towanda, 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 Assessor 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 Towanda, 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 Towanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Towanda both stand at $3,903 in the 61776 zip code.
Average Towanda Assessed Value
$165,874
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 Towanda, 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, Illinois
In Towanda, 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 applied to this assessed value to determine the annual tax bill. For example, with a median home price of $165,874, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $2,771, while the 75th percentile reaches around $5,802. Those at the 90th percentile could see tax bills as high as $7,793. Factors such as local government budgets, school funding, and public services significantly influence the tax rate. These taxes are crucial for maintaining community services but can also impact homeowners' financial planning. Compared to the national median property tax rate of 0.99%, Towanda's tax bills reflect the local economic conditions and funding needs. Understanding these factors helps homeowners anticipate their financial obligations and the benefits they receive in return.
Average Towanda Tax Bill
$3,903
Average Mclean County Tax Bill
$4,175
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Towanda, 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