La Place, Illinois Property Taxes
The median property tax rate in La Place, IL is 2.52%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in La Place, the typical annual property tax bill reaches $2,105, which exceeds the national median of $2,690. Property taxes in La Place 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 La Place'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 La Place 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
La Place, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$2,386
$2,332
Ownwell’s LA PLACE Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential property owners. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in LA PLACE to provide an accurate estimate of your annual property tax bill. This powerful tool allows you to gain a clear understanding of your potential tax liabilities. For those interested in more granular insights, you can scroll down to access localized information at the neighborhood level. Your property’s assessed value, determined by Piatt County, forms the basis for property tax calculations and incorporates any applicable exemptions.
Property Tax Rates Across La Place, Illinois
Property taxes in LA PLACE, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in LA PLACE is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within LA PLACE set these rates annually, and they can vary across different neighborhoods. Each year, LA PLACE 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 LA PLACE's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61936 has the highest median property tax rate of 2.52%, which is also the lowest median tax rate in the same zip code. Understanding how these areas compare with LA PLACE provides valuable insights into the varying tax landscape across Piatt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average La Place Tax Rate
2.52%
Average Piatt County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across La Place, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61936 | 2.18% | 2.35% | 2.52% | 2.52% | 2.66% |
Source: Ownwell
Property Tax Assessment Values Across La Place, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in La Place, 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 Piatt 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 La Place, 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 La Place is $94,701, with tax bills ranging from $1,312 at the 25th percentile to $2,506 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,105, specifically in the 61936 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average La Place Assessed Value
$94,701
Average Piatt County Assessed Value
$166,770
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across La Place, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61936 | $48,338 | $61,010 | $94,701 | $111,601 | $159,960 |
Source: Ownwell
Property Tax Bills Across La Place, Illinois
In La Place, located in Piatt County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is typically a percentage of the market value of the property. Homeowners in La Place can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,312 and the 75th percentile reaching $2,213. The highest median tax bill in the area is $2,105, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any improvements made to it. Tax rates set by local taxing authorities also play a crucial role. These taxes fund essential services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is vital as property taxes can significantly impact annual expenses and overall affordability of homeownership in La Place.
Average La Place Tax Bill
$2,105
Average Piatt County Tax Bill
$4,197
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across La Place, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61936 | $1,260 | $1,312 | $2,105 | $2,213 | $2,506 |
Source: Ownwell