Freeport, Illinois Property Taxes
The median property tax rate in Freeport, IL is 3.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Freeport, the typical annual property tax bill reaches $1,662, exceeding the national median of $2,690. Property taxes in Freeport 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 Freeport'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 Freeport 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
Freeport, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.32%
Estimate Property Tax Bill
$1,722
$1,598
Ownwell’s Freeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeport 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 Freeport, Illinois
Property taxes in Freeport, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeport is 3.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Freeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeport 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 Freeport's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61032 zip code has both the highest and lowest median property tax rate of 3.32%. Understanding how these cities compare with Freeport provides valuable insights into the varying tax landscape across Stephenson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeport Tax Rate
3.32%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61032 | 1.91% | 2.52% | 3.32% | 4.14% | 4.14% |
Source: Ownwell
Property Tax Assessment Values Across Freeport, Illinois
In Freeport, 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 Stephenson 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 Freeport, 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. With a median home price of $51,878, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $972, while the 75th percentile tax bill reaches $3,108. The highest median tax bill recorded is $1,662 in the 61032 zip code, which also holds the lowest median tax bill at $1,662. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freeport Assessed Value
$51,878
Average Stephenson County Assessed Value
$60,276
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61032 | $21,886 | $33,200 | $51,878 | $104,248 | $147,905 |
Source: Ownwell
Property Tax Bills Across Freeport, Illinois
In Freeport, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Several factors influence the assessed value, including the home's size, age, location, and condition. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the tax bill. For homeowners in Freeport, the median home price is $51,878. The median property tax bill in the area is $1,662, which is higher than the national median property tax rate of 0.99%. Tax bills can vary significantly, with the 25th percentile tax bill at $972 and the 90th percentile reaching up to $4,814. These taxes fund essential community services such as schools, infrastructure, and public safety, directly impacting the quality of life in Freeport. Understanding how property taxes are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Freeport Tax Bill
$1,662
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeport, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61032 | $552 | $972 | $1,662 | $3,108 | $4,814 |
Source: Ownwell