Prophetstown, Illinois Property Taxes
The median property tax rate in Prophetstown, IL is 2.22%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Prophetstown at $88,884, the typical annual property tax bill reaches $1,928, which is below the national median of $2,690. Property taxes in Prophetstown 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 Prophetstown'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 Prophetstown or another part of Whiteside County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prophetstown, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.22%
Estimate Property Tax Bill
$1,973
$1,831
Ownwell’s Prophetstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prophetstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prophetstown 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 Whiteside County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Prophetstown, Illinois
Property taxes in Prophetstown, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prophetstown is 2.22%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Prophetstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prophetstown 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 Prophetstown's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 61277 has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Prophetstown 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 Prophetstown Tax Rate
2.22%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prophetstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | 1.44% | 1.85% | 2.22% | 2.53% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Prophetstown, Illinois
In Prophetstown, 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 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 Prophetstown, 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 instance, the median home price here is $88,884, with tax bills ranging from $1,257 at the 25th percentile to $4,149 at the 90th percentile. 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 Prophetstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Prophetstown Assessed Value
$88,884
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 Prophetstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | $42,504 | $64,958 | $88,884 | $130,102 | $179,034 |
Source: Ownwell
Property Tax Bills Across Prophetstown, Illinois
In Prophetstown, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is typically a percentage of the property's market value. Multiple factors influence the assessed value, including the home's size, age, location, and any improvements made. The local tax rate, set by various taxing authorities such as school districts and municipalities, is then applied to the assessed value to determine the final tax bill. Homeowners in Prophetstown experience a range of property tax bills. The 25th percentile tax bill is $1,257, while the 75th percentile reaches $2,891, and the 90th percentile climbs to $4,149. With a median home price of $88,884, the property tax rate in Prophetstown can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, homeowners in this region may find their tax obligations vary widely based on their property's assessed value and the specific tax rates imposed by local authorities.
Average Prophetstown Tax Bill
$1,928
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Prophetstown, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | $693 | $1,257 | $1,928 | $2,891 | $4,149 |
Source: Ownwell