Lovington, Illinois Property Taxes
The median property tax rate in Lovington, IL is 2.57%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lovington at $199,472, the typical annual property tax bill reaches $5,270, significantly exceeding the national median of $2,690. Property taxes in Lovington 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 Lovington'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 Lovington 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
Lovington, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Lovington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lovington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lovington to give you an estimate of your property tax bill. This intuitive tool provides a clear understanding of potential tax liabilities. For those interested in more granular insights, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lovington, Illinois
Property taxes in Lovington, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lovington is 2.57%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lovington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lovington 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 Lovington's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61937 has the highest median property tax rate of 2.57%, while the same zip code also has the lowest median tax rate of 2.57%. Understanding how these cities compare with Lovington provides valuable insights into the varying tax landscape across Moultrie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lovington Tax Rate
2.57%
Average Piatt County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | 2.42% | 2.48% | 2.57% | 2.66% | 2.72% |
Source: Ownwell
Property Tax Assessment Values Across Lovington, Illinois
In Lovington, 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 local county assessor 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 Lovington, 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 Lovington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $5270, found in the 61937 zip code.
Average Lovington Assessed Value
$199,472
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 Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $138,114 | $161,123 | $199,472 | $237,820 | $260,829 |
Source: Ownwell
Property Tax Bills Across Lovington, Illinois
In Lovington, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Various factors come into play, including the home's location, size, and any applicable exemptions or deductions. For instance, the median home price in Lovington is $199,472. Property taxes can vary significantly, with the 25th percentile tax bill at $4,099 and the 75th percentile at $6,442. The highest median tax bill in the region is $5,270. Compared to the national median property tax rate of 0.99%, homeowners in Lovington may find their tax rates to be relatively high, impacting their annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations and potentially seek ways to reduce their property tax burden through appeals or exemptions.
Average Lovington Tax Bill
$5,270
Average Piatt County Tax Bill
$4,197
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lovington, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61937 | $3,396 | $4,099 | $5,270 | $6,442 | $7,145 |
Source: Ownwell