Winnebago, Illinois Property Taxes
The median property tax rate in Winnebago, 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 Winnebago, the typical annual property tax bill reaches $4,398, exceeding the national median of $2,690. Property taxes in Winnebago 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 Winnebago'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 Winnebago 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
Winnebago, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.67%
Estimate Property Tax Bill
$4,481
$4,158
Ownwell’s Winnebago Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winnebago with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winnebago 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 Winnebago, Illinois
Property taxes in Winnebago, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Winnebago is 2.67%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Winnebago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winnebago 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 Winnebago's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61088 zip code has the highest median property tax rate of 2.67%, while the same zip code also has the lowest median tax rate of 2.67%. Understanding how these areas compare with Winnebago 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 Winnebago Tax Rate
2.67%
Average Winnebago County Tax Rate
2.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winnebago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61088 | 2.16% | 2.42% | 2.67% | 2.99% | 3.12% |
Source: Ownwell
Property Tax Assessment Values Across Winnebago, Illinois
In Winnebago, 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 local appraisal authorities 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 Winnebago, 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. For instance, the highest median tax bill in Winnebago is $4,398 in the 61088 zip code, while the lowest is also $4,398 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Winnebago Assessed Value
$167,832
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 Winnebago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61088 | $32,942 | $131,301 | $167,832 | $205,917 | $255,203 |
Source: Ownwell
Property Tax Bills Across Winnebago, Illinois
In Winnebago, IL, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, if a home's market value is $167,832, the assessed value is determined by local assessment practices. The tax rate is applied to this assessed value to generate the tax bill. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Winnebago can expect tax bills to vary; the 25th percentile tax bill is around $3,236, while the 75th percentile tax bill reaches $5,623. For those in the 90th percentile, the tax bill can be as high as $7,064. Comparatively, the national median property tax rate is 0.99%, which highlights the variability in property tax burdens across different regions. For homeowners in Winnebago, understanding these factors is crucial for financial planning and property investment decisions.
Average Winnebago Tax Bill
$4,398
Average Winnebago County Tax Bill
$3,116
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Winnebago, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61088 | $8 | $3,236 | $4,398 | $5,623 | $7,064 |
Source: Ownwell