Laura, Illinois Property Taxes
The median property tax rate in Laura, IL is 2.55%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Laura at $55,260, the typical annual property tax bill reaches $1,002, exceeding the national median of $2,690. Property taxes in Laura 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 Laura'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 Laura 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
Laura, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.55%
Estimate Property Tax Bill
$1,409
$1,377
Ownwell’s LAURA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAURA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAURA 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 Laura, Illinois
Property taxes in Laura, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laura is 2.55%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Laura set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laura 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 Laura's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61451 zip code has both the highest and lowest median property tax rate of 2.55%. Understanding how these cities compare with Laura provides valuable insights into the varying tax landscape across Peoria County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laura Tax Rate
2.55%
Average Peoria County Tax Rate
2.68%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | 1.43% | 1.93% | 2.55% | 2.61% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Laura, Illinois
In Laura, 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 Peoria 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. In Laura, 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 Laura is $55,260, and tax bills can vary significantly. For example, the 25th percentile tax bill is $227, while the 75th percentile tax bill is $1,955. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laura Assessed Value
$55,260
Average Peoria County Assessed Value
$93,150
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | $3,426 | $11,940 | $55,260 | $87,870 | $146,208 |
Source: Ownwell
Property Tax Bills Across Laura, Illinois
In Laura, Peoria County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the local assessor's office. For example, with a median home price of $55,260, the assessed value forms the basis for the tax calculation. The local tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements. Homeowners in Laura might see a range of tax bills, with the 25th percentile at $227 and the 75th percentile at $1955. At the 90th percentile, tax bills can reach up to $3746. These variations significantly affect homeowners, as higher property taxes can impact overall affordability and monthly budgets. By comparison, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens.
Average Laura Tax Bill
$1,002
Average Peoria County Tax Bill
$2,323
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Laura, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61451 | $88 | $227 | $1,002 | $1,955 | $3,746 |
Source: Ownwell