East Lynn, Illinois Property Taxes
The median property tax rate in East Lynn, IL is 2.86%, significantly higher than both the national median of 0.99% and Illinois' state median of 2.35%. With the median home value in East Lynn at $28,646, the typical annual property tax bill is $561, still below the national median of $2,690. Property taxes in East Lynn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of East Lynn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of East Lynn or another part of Vermilion County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
East Lynn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.86%
Estimate Property Tax Bill
$819
$801
Ownwell’s EAST LYNN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in EAST LYNN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in EAST LYNN 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 East Lynn, Illinois
Property taxes in East Lynn, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Lynn is 2.86%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within East Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Lynn 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 East Lynn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60932 zip code has the highest median property tax rate of 2.86%, while the same zip code also has the lowest median tax rate of 2.86%. Understanding how these cities compare with East Lynn 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 East Lynn Tax Rate
2.86%
Average Vermilion County Tax Rate
2.53%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Lynn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60932 | 1.19% | 1.68% | 2.86% | 2.86% | 2.86% |
Source: Ownwell
Property Tax Assessment Values Across East Lynn, Illinois
In East Lynn, 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 Vermilion 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 East Lynn, 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 East Lynn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60932 at $561, which is also the lowest median tax bill in the area.
Average East Lynn Assessed Value
$28,646
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 East Lynn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60932 | $3,885 | $7,160 | $28,646 | $50,240 | $64,018 |
Source: Ownwell
Property Tax Bills Across East Lynn, Illinois
In East Lynn, located in Vermilion County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value typically represents a percentage of the property's market value. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Homeowners in East Lynn should be aware that their property tax bill can vary significantly. For instance, while the 25th percentile tax bill is $176, the 75th percentile reaches $1,042, and the 90th percentile goes up to $1,431. The median home price in the area stands at $28,646, which influences these tax amounts. Comparatively, the national median property tax rate is 0.99%, and East Lynn's tax payments reflect the local economic conditions and public service requirements. These taxes are crucial for funding community services such as schools, infrastructure, and public safety. Therefore, understanding how property tax bills are calculated can help homeowners in East Lynn plan their finances more effectively.
Average East Lynn Tax Bill
$561
Average Vermilion County Tax Bill
$1,325
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across East Lynn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60932 | $111 | $176 | $561 | $1,042 | $1,431 |
Source: Ownwell