Walnut, Illinois Property Taxes
The median property tax rate in Walnut, IL is 2.67%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Walnut at $243,612, the typical annual property tax bill reaches $6,498, exceeding the national median of $2,690. Property taxes in Walnut 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 Walnut'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 Walnut 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
Walnut, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.67%
Estimate Property Tax Bill
$6,504
$6,036
Ownwell’s Walnut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut 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 Walnut, Illinois
Property taxes in Walnut, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut is 2.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Walnut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61376 has both the highest and lowest median property tax rate of 2.67%. Understanding how these areas compare with Walnut 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 Walnut Tax Rate
2.67%
Average Whiteside County Tax Rate
2.37%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | 2.67% | 2.67% | 2.67% | 2.67% | 2.67% |
Source: Ownwell
Property Tax Assessment Values Across Walnut, Illinois
In Walnut, 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 Assessor's 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 Walnut, 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 Walnut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the 61376 zip code are both $6,498.
Average Walnut Assessed Value
$243,612
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 Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | $243,612 | $243,612 | $243,612 | $243,612 | $243,612 |
Source: Ownwell
Property Tax Bills Across Walnut, Illinois
In Walnut, located in Whiteside County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $243,612, the property tax rate is applied to the assessed value to determine the tax bill. The median property tax rate in Walnut is notably higher than the national median of 0.99%, resulting in significant tax bills for homeowners. Factors such as local government budget needs, school funding, and public services play a crucial role in determining the property tax rate. In Walnut, the tax bill at the 25th, 75th, and 90th percentiles is consistently $6,498, illustrating a uniformity in tax assessments across different property values. This consistency impacts homeowners by providing a predictable tax environment, albeit at a higher rate compared to the national average. High property taxes can influence decisions on property purchases, investments, and overall affordability for residents in the area.
Average Walnut Tax Bill
$6,498
Average Whiteside County Tax Bill
$2,245
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61376 | $6,498 | $6,498 | $6,498 | $6,498 | $6,498 |
Source: Ownwell