El Paso, Illinois Property Taxes
The median property tax rate in El Paso, IL is 2.46%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With a median home value of $122,706 in El Paso, the typical annual property tax bill reaches $2,871, surpassing the national median of $2,690. Property taxes in El Paso are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding El Paso'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 El Paso 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
El Paso, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.46%
Estimate Property Tax Bill
$3,019
$2,950
Ownwell’s El Paso Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in El Paso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in El Paso 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 El Paso, Illinois
Property taxes in El Paso, Illinois, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in El Paso is 2.46%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within El Paso set these rates annually, and they can vary significantly across different neighborhoods. Each year, El Paso 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 El Paso's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61738 zip code has the highest median property tax rate of 2.46%, while the same zip code also has the lowest median tax rate of 2.46%. Understanding how these cities compare with El Paso provides valuable insights into the varying tax landscape across Woodford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average El Paso Tax Rate
2.46%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | 1.96% | 2.30% | 2.46% | 2.74% | 2.83% |
Source: Ownwell
Property Tax Assessment Values Across El Paso, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in El Paso, Illinois. 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 Woodford 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 El Paso, 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 example, the median home price in El Paso is $122,706, with tax bills ranging from $1,590 at the 25th percentile to $6,363 at the 90th percentile. The highest and lowest median tax bills are both $2,871 in the 61738 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average El Paso Assessed Value
$122,706
Average Woodford County Assessed Value
$138,837
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $12,360 | $74,963 | $122,706 | $185,135 | $259,737 |
Source: Ownwell
Property Tax Bills Across El Paso, Illinois
In El Paso, Woodford 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 local tax rate is then applied to this assessed value to determine the tax bill. For instance, the median home price in this area is approximately $122,706. Property tax bills in the 25th percentile are around $1,590, while those in the 75th percentile can reach up to $4,473. The highest median tax bill in the region is $2,871. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in El Paso, Woodford County, IL, may find their tax bills higher or lower depending on these variables. Compared to the national median property tax rate of 0.99%, the rates in this region can significantly impact homeowners' annual expenses, making it crucial for them to understand how their tax bills are derived and what they can do to manage them effectively.
Average El Paso Tax Bill
$2,871
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across El Paso, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61738 | $330 | $1,590 | $2,871 | $4,473 | $6,363 |
Source: Ownwell