Lynn Center, Illinois Property Taxes
The median property tax rate in Lynn Center, IL is 2.31%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lynn Center, the typical annual property tax bill reaches $3,211, exceeding the national median of $2,690. Property taxes in Lynn Center 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 Lynn Center'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 Lynn Center or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lynn Center, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$3,725
$3,457
Ownwell’s Lynn Center Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn Center with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn Center 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 Lynn Center, Illinois
Property taxes in Lynn Center, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn Center is 2.31%, significantly higher than the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lynn Center set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn Center 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 Lynn Center's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61262 zip code has the highest median property tax rate of 2.31%, while the same zip code also has the lowest median tax rate of 2.31%. Understanding how these cities compare with Lynn Center provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynn Center Tax Rate
2.31%
Average Mercer County Tax Rate
2.47%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | 1.22% | 2.03% | 2.31% | 2.61% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Lynn Center, Illinois
In Lynn Center, 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 Mercer 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 Lynn Center, 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 Lynn Center helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lynn Center is $161,247, with tax bills ranging from $763 at the 25th percentile to $7,123 at the 90th percentile. The highest median tax bill is found in the 61262 zip code.
Average Lynn Center Assessed Value
$161,247
Average Mercer County Assessed Value
$156,489
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | $14,672 | $83,198 | $161,247 | $220,098 | $305,044 |
Source: Ownwell
Property Tax Bills Across Lynn Center, Illinois
In Lynn Center, Mercer County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For a home with a median price of $161,247, homeowners in Lynn Center can expect varying tax bills. The 25th percentile tax bill is around $763, while the 75th percentile reaches up to $4,480, and the 90th percentile can be as high as $7,123. These figures show a significant range, reflecting differences in property values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Lynn Center's property tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lynn Center Tax Bill
$3,211
Average Mercer County Tax Bill
$3,661
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn Center, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61262 | $385 | $763 | $3,211 | $4,480 | $7,123 |
Source: Ownwell