Irving, Illinois Property Taxes
The median property tax rate in Irving, IL is 2.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Irving at $100,062, the typical annual property tax bill reaches $2,009, which is below the national median of $2,690. Property taxes in Irving 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 Irving'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 Irving 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
Irving, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.4%
Estimate Property Tax Bill
$2,401
$2,229
Ownwell’s Irving Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irving with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irving 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 Irving, Illinois
Property taxes in Irving, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Irving is 2.40%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Irving set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irving estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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 Irving's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62051 zip code has the highest median property tax rate of 2.40%, while the same zip code also has the lowest median tax rate of 2.40%. Understanding how these cities compare with Irving provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irving Tax Rate
2.40%
Average Montgomery County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irving, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62051 | 1.23% | 1.83% | 2.40% | 2.59% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across Irving, Illinois
In Irving, 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 Montgomery County Appraisal District 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 Irving, 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. The median home price in Irving is $100,062, with tax bills ranging from $1,160 at the 25th percentile to $5,171 at the 90th percentile. The highest median tax bill in the area is $2,009 in zip code 62051, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Irving Assessed Value
$100,062
Average Montgomery County Assessed Value
$105,765
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irving, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62051 | $30,816 | $57,447 | $100,062 | $158,712 | $203,666 |
Source: Ownwell
Property Tax Bills Across Irving, Illinois
In Irving, Montgomery County, IL, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $100,062, homeowners can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,160, while at the 75th percentile, they reach up to $3,842, and at the 90th percentile, they can be as high as $5,171. Several factors influence the tax bill, including property improvements, neighborhood developments, and changes in the local tax rate. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Irving face a range of property tax bills that reflect both the value of their homes and the local fiscal policies.
Average Irving Tax Bill
$2,009
Average Montgomery County Tax Bill
$2,523
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Irving, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62051 | $543 | $1,160 | $2,009 | $3,842 | $5,171 |
Source: Ownwell