Leaf River, Illinois Property Taxes
The median property tax rate in Leaf River, IL is 2.58%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Leaf River at $130,749, the typical annual property tax bill reaches $3,374, exceeding the national median of $2,690. Property taxes in Leaf River 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 Leaf River'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 Leaf River 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
Leaf River, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$3,373
$3,296
Ownwell’s Leaf River Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Leaf River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leaf River 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 Leaf River, Illinois
Property taxes in Leaf River, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leaf River is 2.58%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Leaf River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leaf River 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 Leaf River's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61047 zip code has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Leaf River 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 Leaf River Tax Rate
2.58%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leaf River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61047 | 2.58% | 2.58% | 2.58% | 2.58% | 2.58% |
Source: Ownwell
Property Tax Assessment Values Across Leaf River, Illinois
In Leaf River, 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 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 Leaf River, 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 Leaf River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Leaf River are both $3,374, found in the 61047 zip code.
Average Leaf River Assessed Value
$130,749
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 Leaf River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61047 | $130,749 | $130,749 | $130,749 | $130,749 | $130,749 |
Source: Ownwell
Property Tax Bills Across Leaf River, Illinois
In Leaf River, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. For example, if the median home price is $130,749, the assessed value is derived from this figure. The local tax rate is then applied to the assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. The median property tax rate in Leaf River is significantly higher than the national median of 0.99%, with homeowners typically facing a tax bill of $3,374. This can be a substantial financial consideration for residents, impacting their overall cost of homeownership. Higher property taxes can affect decisions on purchasing, maintaining, or selling a property, making it crucial for homeowners to understand how these taxes are calculated and managed.
Average Leaf River Tax Bill
$3,374
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Leaf River, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61047 | $3,374 | $3,374 | $3,374 | $3,374 | $3,374 |
Source: Ownwell