Clarence, Illinois Property Taxes
The median property tax rate in Clarence, IL is 3.10%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Clarence, the typical annual property tax bill reaches $190, exceeding the national median of $2,690. Property taxes in Clarence 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 Clarence'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 Clarence 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
Clarence, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.1%
Estimate Property Tax Bill
$190
$176
Ownwell’s Clarence Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to easily estimate their annual property taxes in Clarence using just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Clarence to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities and plan accordingly. For those interested in more detailed trends at a neighborhood level, additional localized information is available as you scroll down. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Clarence, Illinois
Property taxes in Clarence, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clarence is 2.25%, higher than both the Illinois state median of 2.16% and the U.S. national median of 0.99%. Local government entities within Clarence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clarence 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 Clarence's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61832 zip code has the highest median property tax rate of 2.25%, while the 61832 zip code also has the lowest median tax rate of 2.25%. Understanding how these cities compare with Clarence provides valuable insights into the varying tax landscape across Vermilion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clarence Tax Rate
3.10%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | 3.10% | 3.10% | 3.10% | 3.10% | 3.10% |
Source: Ownwell
Property Tax Assessment Values Across Clarence, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Clarence, IL. 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 county's 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 Clarence, 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 Clarence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region are both $190, found in zip code 60960.
Average Clarence Assessed Value
$6,129
Average Vermilion County Assessed Value
$59,223
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $6,129 | $6,129 | $6,129 | $6,129 | $6,129 |
Source: Ownwell
Property Tax Bills Across Clarence, Illinois
Property tax bills in Clarence, located in Vermilion County, IL, are calculated based on the assessed value of a property, which is determined by the local assessor's office. This assessed value is typically a percentage of the property's market value. For instance, if the median home price in Clarence is $6,129, the assessed value would be a fraction of that figure. The tax rate, applied to this assessed value, is crucial in determining the final tax bill. In Clarence, the median property tax bill is $190, which is significantly lower than the national median property tax rate of 0.99%. Factors such as the property's location, size, and improvements can influence the assessed value. For homeowners, this means that even slight changes in property assessments or tax rates can impact their annual tax obligations. Understanding these factors can help homeowners anticipate their tax liabilities and plan accordingly.
Average Clarence Tax Bill
$190
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Clarence, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60960 | $190 | $190 | $190 | $190 | $190 |
Source: Ownwell