Stanford, Illinois Property Taxes
The median property tax rate in Stanford, IL is 2.11%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Stanford, the typical annual property tax bill reaches $2,031, which is below the national median of $2,690. Property taxes in Stanford 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 Stanford'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 Stanford or another part of Tazewell County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stanford, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$2,035
$1,989
Ownwell’s Stanford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stanford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stanford 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 Stanford, Illinois
Property taxes in Stanford, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stanford is 2.11%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Stanford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stanford 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 Stanford's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61774 has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these areas compare with Stanford provides valuable insights into the varying tax landscape across Tazewell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stanford Tax Rate
2.11%
Average Tazewell County Tax Rate
2.46%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Stanford, Illinois
In Stanford, 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 Tazewell 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 Stanford, 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. For instance, the zip code 61774 has both the highest and lowest median tax bills in the region, each at $2,031. 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 Stanford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stanford Assessed Value
$96,450
Average Tazewell County Assessed Value
$127,050
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $96,450 | $96,450 | $96,450 | $96,450 | $96,450 |
Source: Ownwell
Property Tax Bills Across Stanford, Illinois
In Stanford, located in Tazewell County, IL, property tax bills are calculated based on the assessed value of homes and the local tax rate. The assessed value is typically a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Stanford, the median home price is $96,450, which provides a baseline for calculating property taxes. Several factors influence the tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. In Stanford, the median property tax bill stands at $2,031, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual financial obligations, potentially affecting their overall budget and housing affordability. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of homeownership in Stanford.
Average Stanford Tax Bill
$2,031
Average Tazewell County Tax Bill
$3,118
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Stanford, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61774 | $2,031 | $2,031 | $2,031 | $2,031 | $2,031 |
Source: Ownwell