Lebanon, Illinois Property Taxes
The median property tax rate in Lebanon, 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 Lebanon at $135,858, the typical annual property tax bill reaches $3,370, exceeding the national median of $2,690. Property taxes in Lebanon 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 Lebanon'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 Lebanon or another part of St. Clair County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lebanon, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.52%
Estimate Property Tax Bill
$3,424
$3,177
Ownwell’s Lebanon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon 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 Lebanon, Illinois
Property taxes in Lebanon, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 2.52%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62254 zip code has the highest median property tax rate of 2.52%, while the same zip code also has the lowest median tax rate of 2.52%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
2.52%
Average St. Clair County Tax Rate
2.55%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62254 | 1.84% | 2.27% | 2.52% | 2.96% | 2.96% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Illinois
In Lebanon, 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 St. Clair 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 62254, with a median tax bill of $3,370.
Average Lebanon Assessed Value
$135,858
Average St. Clair County Assessed Value
$110,946
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62254 | $56,950 | $90,986 | $135,858 | $212,150 | $308,239 |
Source: Ownwell
Property Tax Bills Across Lebanon, Illinois
In Lebanon, located in St. Clair 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 annual tax bill. For instance, homeowners in Lebanon can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $2,191, while the 75th percentile reaches $5,039, and the 90th percentile can go up to $7,134. These figures reflect the diverse property values and tax rates within the region. Factors that influence the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Lebanon's tax rates can significantly impact homeowners, especially those with higher-valued properties. Understanding these elements is crucial for homeowners to manage their finances and anticipate annual property tax obligations.
Average Lebanon Tax Bill
$3,370
Average St. Clair County Tax Bill
$2,735
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62254 | $1,099 | $2,191 | $3,370 | $5,039 | $7,134 |
Source: Ownwell