Lena, Illinois Property Taxes
The median property tax rate in Lena, IL is 2.65%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lena at $151,449, the typical annual property tax bill reaches $4,016, exceeding the national median of $2,690. Property taxes in Lena 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 Lena'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 Lena 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
Lena, 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 Lena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lena 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 Lena, Illinois
Property taxes in Lena, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lena is 2.65%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lena 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 Lena's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61048 zip code has the highest median property tax rate of 2.65%, while the 61048 zip code also has the lowest median tax rate of 2.65%. Understanding how these cities compare with Lena 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 Lena Tax Rate
2.65%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61048 | 2.12% | 2.46% | 2.65% | 3.20% | 3.20% |
Source: Ownwell
Property Tax Assessment Values Across Lena, 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 Lena, 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. Lena's median home price stands at $151,449, with property tax bills ranging from $2,736 at the 25th percentile to $5,428 at the 90th percentile. The highest and lowest median tax bills are both $4,016 in zip code 61048. By understanding 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.
Average Lena Assessed Value
$151,449
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 Lena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61048 | $66,812 | $121,080 | $151,449 | $174,501 | $201,970 |
Source: Ownwell
Property Tax Bills Across Lena, Illinois
In Lena, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value, determined by the county assessor. For instance, a median home price in Lena is $151,449. Property tax rates are applied to this assessed value to determine the tax bill. The tax bill varies significantly across different percentiles. Homeowners at the 25th percentile pay around $2,736, while those at the 75th percentile face a bill of $4,749. At the 90th percentile, the tax bill can reach up to $5,428. These variations depend on factors like property size, location, and improvements. Comparatively, the national median property tax rate is 0.99%, which highlights the relative tax burden for homeowners in Lena. High property taxes can impact homeowners by increasing the cost of owning property, potentially affecting their financial planning and home affordability.
Average Lena Tax Bill
$4,016
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lena, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61048 | $2,013 | $2,736 | $4,016 | $4,749 | $5,428 |
Source: Ownwell