Wyoming, Illinois Property Taxes
The median property tax rate in Wyoming, Illinois is 2.21%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Wyoming at $132,417, the typical annual property tax bill reaches $2,781, which is slightly above the national median of $2,690. Property taxes in Wyoming 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 Wyoming'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 Wyoming or another part of Stark County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wyoming, 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 Wyoming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wyoming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wyoming 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 Wyoming, Illinois
Property taxes in Wyoming, Illinois, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 2.21%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyoming 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 Wyoming's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61491 zip code has both the highest and lowest median property tax rate of 2.21%. Understanding how these areas compare with Wyoming provides valuable insights into the varying tax landscape across Stark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wyoming Tax Rate
2.21%
Average Stark County Tax Rate
2.20%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wyoming, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | 1.45% | 2.02% | 2.21% | 2.38% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wyoming, Illinois. The market value represents 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 Stark 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Wyoming are both $2781, found in the 61491 zip code.
Average Wyoming Assessed Value
$132,417
Average Stark County Assessed Value
$143,110
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wyoming, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | $33,363 | $79,653 | $132,417 | $260,771 | $400,906 |
Source: Ownwell
Property Tax Bills Across Wyoming, Illinois
In Wyoming, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the Stark County Assessor. The assessed value typically represents a percentage of the property's market value. For instance, if the median home price is $132,417, the assessed value would be a fraction of this amount, depending on local assessment practices. Tax rates are then applied to this assessed value to calculate the tax bill. These rates can vary significantly within the region, leading to a broad range of tax bills. For example, the 25th percentile tax bill is $1,470, while the 75th percentile tax bill is $5,536, and the 90th percentile tax bill reaches $8,287. This variability means that homeowners in Wyoming, IL can see substantial differences in their property tax obligations. Compared to the national median property tax rate of 0.99%, the rates in Stark County can result in higher or lower tax bills depending on specific assessed values and local tax rates. This directly impacts homeowners by influencing their annual financial planning and long-term investment in their property.
Average Wyoming Tax Bill
$2,781
Average Stark County Tax Bill
$2,919
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Wyoming, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61491 | $428 | $1,470 | $2,781 | $5,536 | $8,287 |
Source: Ownwell