Benson, Woodford County, Illinois Property Taxes

Name: Property Tax Bills Across Benson, Woodford County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Benson, IL effective property tax rate: 2.27%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Benson, IL home value: $106,080
Median annual Benson, IL tax bill: $2,276, $124 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford calculated?

Property taxes in Benson, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Benson’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Benson, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Benson, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.27%

Estimate Property Tax Bill

$2,408

$2,235

Ownwell’s Benson Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Benson with just two data points. By entering your property's estimated assessed value, our calculator applies Benson’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Woodford County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Benson, Woodford County, Illinois

Local government entities set tax rates, which can vary widely within a state. The reason for this variation is that each county annually estimates its required budget to provide services. This budget is then divided by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Votes and laws play a role in setting tax rates and budgets, but this is the annual process in a nutshell.

Benson, located in Woodford County, Illinois, has an effective property tax rate that stands out when compared to other cities in Illinois. The median property tax rate in Illinois is significantly higher than the national median property tax rate of 1.02%. This high rate is reflective of the county’s budgetary needs and the total value of taxable properties. When comparing property tax rates, it's essential to consider how these rates impact homeowners. A higher tax rate can significantly affect the annual property tax bill, which in Illinois is above the national median of $2,400. Understanding these dynamics can help homeowners make informed decisions about property ownership in Benson and beyond.

Property Tax Rates Across Benson, Woodford County, Illinois

Source: Ownwell

2.19%

2.38%

2.58%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Benson Tax Rate

2.27%

Median Effective Woodford County Tax Rate

2.44%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Benson, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61516	1.71%	2.08%	2.27%	2.47%	2.72%

Source: Ownwell

Property Tax Assessment Values Across Benson, Woodford County, Illinois

When examining property taxes in Benson, Illinois, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Woodford County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Woodford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Benson. For example, the median home price in Benson is $106,080, with tax bills ranging significantly across the county. Zip code 61516 has the highest median home price at $106,080.

Property Tax Assessment Values Across Benson, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Benson Market Value

$106,080

Median Woodford County Market Value

$138,837

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Benson, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61516	$38,781	$71,235	$106,080	$148,818	$196,851

Source: Ownwell

Property Tax Bills Across Benson, Woodford County, Illinois

In Benson, Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Benson is $106,080. The property tax rate is applied to this assessed value to determine the tax bill. Various factors, such as local government budgets and public service needs, influence the tax rate. Homeowners in Benson face a median property tax bill of $2,276, which is slightly below the national median of $2,400. However, tax bills can vary significantly, with the 25th percentile at $1,409 and the 90th percentile reaching $4,674. This variability can impact homeowners' budgets, making it essential to ensure their property is not over-assessed. Ownwell can assist homeowners by providing expert property tax appeal services, potentially lowering their tax bills. By analyzing property assessments and market conditions, Ownwell helps homeowners identify opportunities for tax savings, ensuring they only pay their fair share.

Property Tax Bills Across Benson, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Benson Tax Bill

$2,276

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Benson, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61516	$722	$1,409	$2,276	$3,400	$4,674

Source: Ownwell