Erie, Illinois Property Taxes
The median property tax rate in Erie, IL is 1.88%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Erie at $122,817, the typical annual property tax bill reaches $2,107, which is below the national median of $2,690. Property taxes in Erie 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 Erie'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 Erie 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
Erie, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s ERIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ERIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ERIE 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 Erie, Illinois
Property taxes in Erie, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Erie is 1.88%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Erie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Erie 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 Erie's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61250 zip code has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Erie provides valuable insights into the varying tax landscape across Whiteside County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Erie Tax Rate
1.88%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | 1.31% | 1.64% | 1.88% | 2.07% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Erie, Illinois
In Erie, 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 Whiteside County Assessment Office 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 Erie, 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 example, the median home price in Erie is $122,817, and property tax bills range significantly. The 25th percentile tax bill is $1,436, while the 75th percentile tax bill is $3,034. 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 Erie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Erie Assessed Value
$122,817
Average Whiteside County Assessed Value
$92,852
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | $53,008 | $83,163 | $122,817 | $162,094 | $210,731 |
Source: Ownwell
Property Tax Bills Across Erie, Illinois
In Erie, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor’s office. The assessed value is a percentage of the property's market value, and this percentage can vary. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Erie, the median home price is $122,817, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is approximately $1,436, while at the 75th percentile, it rises to around $3,034. The highest tax bills, at the 90th percentile, can reach up to $4,137. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community’s overall quality of life.
Average Erie Tax Bill
$2,107
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Erie, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61250 | $767 | $1,436 | $2,107 | $3,034 | $4,137 |
Source: Ownwell