Eldorado, Illinois Property Taxes
The median property tax rate in Eldorado, 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 Eldorado at $58,407, the typical annual property tax bill reaches $1,282, exceeding the national median of $2,690. Property taxes in Eldorado 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 Eldorado'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 Eldorado or another part of Saline County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eldorado, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,332
$1,236
Ownwell’s Eldorado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eldorado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eldorado 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 Eldorado, Illinois
Property taxes in Eldorado, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Eldorado is 2.28%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Eldorado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eldorado 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 Eldorado's effective property tax rate to other regions in Illinois and the national median. For comparison, the zip code 62930 has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these areas compare with Eldorado provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eldorado Tax Rate
2.28%
Average Saline County Tax Rate
2.49%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | 1.19% | 1.79% | 2.28% | 3.08% | 3.26% |
Source: Ownwell
Property Tax Assessment Values Across Eldorado, Illinois
In Eldorado, 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 Saline 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 Eldorado, 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. For instance, the median home price in Eldorado is $58,407, with tax bills ranging from $674 at the 25th percentile to $4,129 at the 90th percentile. Interestingly, the highest and lowest median tax bills in the area are both $1,282, found in the 62930 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Eldorado Assessed Value
$58,407
Average Saline County Assessed Value
$61,146
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | $12,670 | $29,236 | $58,407 | $115,514 | $176,701 |
Source: Ownwell
Property Tax Bills Across Eldorado, Illinois
In Eldorado, located in Saline County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the assessed value, including the home's location, size, and condition. For homeowners in Eldorado, property taxes can vary significantly. The median home price is $58,407, and tax bills range widely across different percentiles. For instance, the 25th percentile tax bill is $674, while the 75th percentile reaches $2,500, and the 90th percentile climbs to $4,129. This variation highlights how property taxes can impact homeowners differently based on their property's assessed value and the local tax rate. Comparatively, the national median property tax rate is 0.99%, making it essential for Eldorado homeowners to understand how their local rates and assessed values stack up against this benchmark. This understanding can help homeowners better anticipate their financial obligations and plan accordingly.
Average Eldorado Tax Bill
$1,282
Average Saline County Tax Bill
$1,585
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Eldorado, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62930 | $303 | $674 | $1,282 | $2,500 | $4,129 |
Source: Ownwell