Lostant, Illinois Property Taxes
The median property tax rate in Lostant, IL is 2.28%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lostant at $222,063, the typical annual property tax bill reaches $5,055, exceeding the national median of $2,690. Property taxes in Lostant 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 Lostant'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 Lostant 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
Lostant, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$5,063
$4,698
Ownwell’s Lostant Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lostant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lostant to provide an estimate of 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 Lostant, Illinois
Property taxes in Lostant, Illinois, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lostant is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lostant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lostant 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 Lostant's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61334 has both the highest and the lowest median property tax rate of 2.28%. Understanding how these cities compare with Lostant provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lostant Tax Rate
2.28%
Average Putnam County Tax Rate
2.42%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Lostant, Illinois
In Lostant, 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 Putnam 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 Lostant, 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 Lostant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 61334 zip code has the highest and lowest median tax bill at $5,055, reflecting the area's uniformity in property tax assessments.
Average Lostant Assessed Value
$222,063
Average Putnam County Assessed Value
$129,800
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | $222,063 | $222,063 | $222,063 | $222,063 | $222,063 |
Source: Ownwell
Property Tax Bills Across Lostant, Illinois
In Lostant, located in Putnam County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. The property tax rate in this region is applied to the assessed value to determine the tax bill. For example, the median home price in Lostant is $222,063, and homeowners can expect a median tax bill of $5,055. This figure is significantly higher than the national median property tax rate of 0.99%, reflecting the specific tax dynamics of the area. Factors such as local government budgets, school funding needs, and public services play a crucial role in determining the tax rate. For homeowners, this means that property taxes can represent a substantial annual expense, influencing decisions about home ownership and financial planning. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Lostant Tax Bill
$5,055
Average Putnam County Tax Bill
$3,342
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lostant, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61334 | $5,055 | $5,055 | $5,055 | $5,055 | $5,055 |
Source: Ownwell