Stillman Valley, Illinois Property Taxes
The median property tax rate in Stillman Valley, IL is 2.60%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stillman Valley at $179,745, the typical annual property tax bill reaches $4,668, far exceeding the national median of $2,690. Property taxes in Stillman Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Stillman Valley'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 Stillman Valley or another part of Ogle County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stillman Valley, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.6%
Estimate Property Tax Bill
$4,673
$4,337
Ownwell’s Stillman Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stillman Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stillman Valley 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 Stillman Valley, Illinois
Property taxes in Stillman Valley, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stillman Valley is 2.60%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stillman Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stillman Valley 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 Stillman Valley's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61084 has both the highest and lowest median property tax rate at 2.60%. Understanding how these rates compare with Stillman Valley 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 Stillman Valley Tax Rate
2.60%
Average Ogle County Tax Rate
2.50%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | 2.19% | 2.44% | 2.60% | 2.73% | 2.84% |
Source: Ownwell
Property Tax Assessment Values Across Stillman Valley, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stillman Valley, Illinois. 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 Assessment Office 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. 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. For instance, the highest and lowest median tax bills in Stillman Valley are both $4668, highlighting a consistent tax burden across the area. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stillman Valley, Illinois
Source: Ownwell
$73,428
$231,909
$390,390
Average Stillman Valley Assessed Value
$179,745
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 Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | $102,079 | $139,614 | $179,745 | $248,211 | $337,937 |
Source: Ownwell
Property Tax Bills Across Stillman Valley, Illinois
In Stillman Valley, IL, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. This value is then multiplied by the local tax rate to determine the annual property tax bill. Homeowners in Stillman Valley typically see tax bills that vary significantly. For instance, the tax bill at the 25th percentile is around $3,488, while those at the 75th percentile can expect to pay about $6,573. At the higher end, the 90th percentile tax bill reaches up to $8,982. These figures highlight the wide range of property tax obligations within the area, which can significantly impact household budgets. In comparison, the national median property tax rate is 0.99%, making it essential for local homeowners to understand how their property assessments and tax rates compare to national averages, which can influence their overall financial planning.
Average Stillman Valley Tax Bill
$4,668
Average Ogle County Tax Bill
$3,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stillman Valley, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61084 | $2,525 | $3,488 | $4,668 | $6,573 | $8,982 |
Source: Ownwell