Flora, Illinois Property Taxes
The median property tax rate in Flora, Illinois is 1.76%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Flora at $75,988, the typical annual property tax bill reaches $1,332, exceeding the national median of $2,690. Property taxes in Flora 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 Flora'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 Flora 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
Flora, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$1,337
$1,241
Ownwell’s Flora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flora 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 Flora, Illinois
Property taxes in Flora, Illinois, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Flora is 1.76%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Flora set these rates annually, and they can vary across different neighborhoods. Each year, Flora 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 Flora's effective property tax rate to other areas in Illinois and the national median. For comparison, the 62839 zip code has the highest median property tax rate of 1.76%, while the same zip code also has the lowest median tax rate of 1.76%. Understanding how these areas compare with Flora provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flora Tax Rate
1.76%
Average Wayne County Tax Rate
2.01%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | 1.67% | 1.71% | 1.76% | 1.81% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Flora, Illinois
In Flora, 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 Wayne 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. 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 Flora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Flora are both $1,332, found in zip code 62839.
Average Flora Assessed Value
$75,988
Average Wayne County Assessed Value
$66,714
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | $74,919 | $75,320 | $75,988 | $76,657 | $77,058 |
Source: Ownwell
Property Tax Bills Across Flora, Illinois
In Flora, located in Wayne County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $75,988, homeowners can expect a median property tax bill around $1,332, which is relatively high compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These elements combined determine how much homeowners owe annually. For example, tax bills in Flora can range from the 25th percentile at $1,306 to the 90th percentile at $1,375, reflecting variations in property values and any applicable adjustments. High property taxes can significantly impact homeowners by increasing the cost of owning a home, which may influence decisions on purchasing or maintaining property in the area.
Average Flora Tax Bill
$1,332
Average Wayne County Tax Bill
$1,458
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Flora, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62839 | $1,290 | $1,306 | $1,332 | $1,359 | $1,375 |
Source: Ownwell