Seward, Illinois Property Taxes
The median property tax rate in Seward, IL is 2.49%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Seward, the typical annual property tax bill reaches $2,597, slightly below the national median of $2,690. Property taxes in Seward 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 Seward'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 Seward 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
Seward, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.49%
Estimate Property Tax Bill
$2,545
$2,362
Ownwell’s Seward Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seward with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seward 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 Seward, Illinois
Property taxes in Seward, Illinois, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seward is 2.49%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Seward set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seward 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 Seward's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61077 zip code has the highest median property tax rate of 2.49%, while it also has the lowest median tax rate of 2.49%. Understanding how these cities compare with Seward provides valuable insights into the varying tax landscape across Winnebago County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seward Tax Rate
2.49%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61077 | 2.12% | 2.38% | 2.49% | 2.68% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Seward, Illinois
In Seward, 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 Winnebago 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 Seward, 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 Seward helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 61077, with a value of $2,597.
Average Seward Assessed Value
$102,207
Average Winnebago County Assessed Value
$119,208
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61077 | $78,514 | $91,218 | $102,207 | $141,339 | $155,025 |
Source: Ownwell
Property Tax Bills Across Seward, Illinois
In Seward, located in Winnebago County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessment process involves evaluating the property's features, location, and comparable sales in the area. Once assessed, the property tax rate is applied to determine the annual tax bill. For homeowners in Seward, the median home price is $102,207. Property tax bills can vary significantly, with the 25th percentile at $2,245 and the 75th percentile at $3,725. At the higher end, the 90th percentile tax bill reaches $4,163. These figures highlight the range of property taxes that homeowners might expect, influenced by the assessed value and specific tax rates in the region. Compared to the national median property tax rate of 0.99%, Seward's rates can create a substantial financial obligation for homeowners. Understanding these factors is crucial for budgeting and long-term financial planning.
Average Seward Tax Bill
$2,597
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Seward, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61077 | $1,947 | $2,245 | $2,597 | $3,725 | $4,163 |
Source: Ownwell