Winslow, Illinois Property Taxes
The median property tax rate in Winslow, IL is 2.82%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Winslow being $61,376, the typical annual property tax bill reaches $1,682, exceeding the national median of $2,690. Property taxes in Winslow 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 Winslow'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 Winslow 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
Winslow, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.82%
Estimate Property Tax Bill
$1,731
$1,691
Ownwell’s Winslow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winslow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winslow 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 Winslow, Illinois
Property taxes in Winslow, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Winslow is 2.82%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winslow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winslow 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 Winslow's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61089 zip code has the highest median property tax rate of 2.82%, while the same zip code also has the lowest median tax rate of 2.82%. Understanding how these cities compare with Winslow 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 Winslow Tax Rate
2.82%
Average Stephenson County Tax Rate
3.21%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | 2.08% | 2.40% | 2.82% | 3.07% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Winslow, Illinois
In Winslow, 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 Winslow, 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. The median home price in Winslow is $61,376, with tax bills ranging from $1,201 at the 25th percentile to $3,507 at the 90th percentile. The zip code 61089 has both the highest and lowest median tax bill of $1,682. Being aware of these valuation processes in Winslow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winslow Assessed Value
$61,376
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 Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | $37,199 | $46,927 | $61,376 | $95,037 | $121,581 |
Source: Ownwell
Property Tax Bills Across Winslow, Illinois
In Winslow, located in Stephenson County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the local tax levy, which funds public services like schools, infrastructure, and emergency services, play a significant role in determining the final amount. For homeowners in Winslow, the property tax burden can vary significantly. The median home price in the area is $61,376. Tax bills in the 25th percentile are around $1,201, while those in the 75th percentile can reach $2,682. At the higher end, in the 90th percentile, tax bills can be as much as $3,507. These figures highlight the range of property tax obligations that homeowners may face, depending on their property's assessed value and the specific tax rate applied.
Average Winslow Tax Bill
$1,682
Average Stephenson County Tax Bill
$1,883
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winslow, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61089 | $1,037 | $1,201 | $1,682 | $2,682 | $3,507 |
Source: Ownwell