Lindenwood, Illinois Property Taxes
The median property tax rate in Lindenwood, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lindenwood at $137,606, the typical annual property tax bill reaches $3,047, exceeding the national median of $2,690. Property taxes in Lindenwood 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 Lindenwood'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 Lindenwood 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
Lindenwood, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$3,192
$3,120
Ownwell’s Lindenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lindenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lindenwood 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 Lindenwood, Illinois
Property taxes in Lindenwood, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lindenwood is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lindenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lindenwood 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 Lindenwood's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61049 has both the highest and lowest median property tax rate of 2.32%. Understanding how these areas compare with Lindenwood provides valuable insights into the varying tax landscape across Ogle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lindenwood Tax Rate
2.32%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lindenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61049 | 1.90% | 2.11% | 2.32% | 2.46% | 2.71% |
Source: Ownwell
Property Tax Assessment Values Across Lindenwood, Illinois
In Lindenwood, 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 Ogle 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 Lindenwood, 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 Lindenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,047 in the 61049 zip code, while the lowest is also $3,047 in the same zip code.
Average Lindenwood Assessed Value
$137,606
Average Ogle County Assessed Value
$139,425
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lindenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61049 | $74,315 | $104,002 | $137,606 | $168,401 | $225,316 |
Source: Ownwell
Property Tax Bills Across Lindenwood, Illinois
Property tax bills in Lindenwood, Ogle County, IL are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. The median home price in Lindenwood is $137,606, and tax bills can vary significantly across different percentiles. For instance, the 25th percentile tax bill is approximately $2,194, whereas the 75th percentile tax bill is around $4,260. At the 90th percentile, homeowners can expect to pay up to $5,457. These tax bills are notably higher than the national median property tax rate of 0.99%. The highest median tax bill in the area is $3,047, which is consistent across the zip code 61049. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Lindenwood Tax Bill
$3,047
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lindenwood, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61049 | $1,494 | $2,194 | $3,047 | $4,260 | $5,457 |
Source: Ownwell