Lanesville, Illinois Property Taxes
The median property tax rate in Lanesville, IL is 1.97%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lanesville, the typical annual property tax bill reaches $1,702, exceeding the national median of $2,690. Property taxes in Lanesville 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 Lanesville'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 Lanesville 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
Lanesville, 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 Lanesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanesville 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 Lanesville, Illinois
Property taxes in Lanesville, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanesville is 1.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lanesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lanesville 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 Lanesville's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62515 zip code has the highest median property tax rate of 1.97%, while the 62515 zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Lanesville provides valuable insights into the varying tax landscape across Sangamon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lanesville Tax Rate
1.97%
Average Sangamon County Tax Rate
2.31%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62515 | 1.69% | 1.80% | 1.97% | 2.23% | 2.38% |
Source: Ownwell
Property Tax Assessment Values Across Lanesville, Illinois
In Lanesville, 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 Sangamon 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. 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 Lanesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62515, with a tax bill of $1702.
Average Lanesville Assessed Value
$86,229
Average Sangamon County Assessed Value
$144,820
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lanesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62515 | $58,735 | $69,045 | $86,229 | $86,319 | $86,373 |
Source: Ownwell
Property Tax Bills Across Lanesville, Illinois
In Lanesville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value. Homeowners in Lanesville can expect property tax bills to vary significantly. For instance, at the 25th percentile, the tax bill is around $1,272, while at the 75th percentile, it rises to approximately $1,924. At the 90th percentile, the tax bill can go up to $2,057. These tax bills are influenced by various factors including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Lanesville, located in Sangamon County, face property tax rates that can be compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both recorded at $1,702, which provides a benchmark for understanding local tax obligations. Understanding these factors helps homeowners anticipate their property tax responsibilities and plan their finances accordingly.
Average Lanesville Tax Bill
$1,702
Average Sangamon County Tax Bill
$3,283
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lanesville, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62515 | $1,014 | $1,272 | $1,702 | $1,924 | $2,057 |
Source: Ownwell