Lenzburg, Illinois Property Taxes
The median property tax rate in Lenzburg, IL is 2.68%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Lenzburg at $150,792, the typical annual property tax bill reaches $4,044, surpassing the national median of $2,690. Property taxes in Lenzburg 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 Lenzburg'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 Lenzburg 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
Lenzburg, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.68%
Estimate Property Tax Bill
$4,041
$3,750
Ownwell’s Lenzburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenzburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenzburg 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 Lenzburg, Illinois
Property taxes in Lenzburg, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenzburg is 2.68%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Lenzburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenzburg 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 Lenzburg's effective property tax rate to other areas and the national median. For comparison, the 62255 zip code has the highest median property tax rate of 2.68%, while the same zip code also has the lowest median tax rate of 2.68%. Understanding how these areas compare with Lenzburg provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenzburg Tax Rate
2.68%
Average Washington County Tax Rate
2.25%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenzburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62255 | 2.68% | 2.68% | 2.68% | 2.68% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Lenzburg, Illinois
In Lenzburg, 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 local 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 Lenzburg, 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 Lenzburg 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 area are both $4044.00, found in zip code 62255.
Average Lenzburg Assessed Value
$150,792
Average Washington County Assessed Value
$38,358
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenzburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62255 | $150,792 | $150,792 | $150,792 | $150,792 | $150,792 |
Source: Ownwell
Property Tax Bills Across Lenzburg, Illinois
In Lenzburg, located in Washington County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in Lenzburg can expect a median property tax bill of $4,044, which is significantly higher than the national median property tax rate of 0.99%. The tax bill remains consistent across various percentiles, indicating a uniform rate within this region. Factors influencing the property tax bill include the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Higher property taxes can affect homeowners by increasing the overall cost of homeownership, potentially influencing decisions about buying or selling property. For those living in Lenzburg, understanding how these factors interplay is crucial for financial planning and maintaining affordability in the local housing market.
Average Lenzburg Tax Bill
$4,044
Average Washington County Tax Bill
$660
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenzburg, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62255 | $4,044 | $4,044 | $4,044 | $4,044 | $4,044 |
Source: Ownwell