Lowpoint, Woodford County, Illinois Property Taxes

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

Median Lowpoint, IL effective property tax rate: 2.32%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lowpoint, IL home value: $87,576
Median annual Lowpoint, IL tax bill: $1,861, $539 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford County calculated?

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

Last Updated March 1, 2025

Lowpoint, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.32%

Estimate Property Tax Bill

$2,032

$1,885

Ownwell’s LOWPOINT Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in LOWPOINT with just two data points. By entering your property's estimated assessed value, our calculator applies LOWPOINT’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 Lowpoint, Woodford County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Lowpoint in Woodford County, Illinois, stands out for its effective property tax rate. Illinois has a median property tax rate of 2.32%, which is significantly higher than the national median of 1.02%. This means that residents in Illinois generally pay more in property taxes compared to the rest of the country. However, Lowpoint's tax rate is on par with the state median, reflecting the broader trend within Illinois.

Understanding these rates is essential for homeowners, as they directly impact annual tax bills. Comparing Lowpoint's property tax rate to other cities in Illinois, as well as the national median, can provide valuable insights for prospective property buyers and current homeowners looking to manage their tax liabilities effectively.

Property Tax Rates Across Lowpoint, 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 Lowpoint Tax Rate

2.32%

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 Lowpoint, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61545	1.67%	2.01%	2.32%	2.61%	2.65%

Source: Ownwell

Property Tax Assessment Values Across Lowpoint, Woodford County, Illinois

When examining property taxes in Lowpoint, 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. Assessment notices: In Woodford County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Lowpoint. For example, the median home price in Lowpoint is $87,576, with tax bills ranging significantly across the county. 61545 has the highest median home price at $87,576.

Property Tax Assessment Values Across Lowpoint, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Lowpoint Market Value

$87,576

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 Lowpoint, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61545	$17,298	$46,060	$87,576	$147,795	$204,614

Source: Ownwell

Property Tax Bills Across Lowpoint, Woodford County, Illinois

In Lowpoint, Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor and typically represents a percentage of the property's market value. Homeowners in Lowpoint face a median tax bill of $1,861, which is below the national median of $2,400. This amount reflects the local tax rate applied to the assessed value. Factors such as property location, size, and improvements can influence the assessed value, impacting the overall tax bill. For homeowners, this means that any increase in assessed value can lead to higher property taxes, affecting their annual expenses.

Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing the assessed value and comparing it to similar properties, Ownwell can identify discrepancies and help homeowners file appeals to potentially reduce their tax bills. This service can result in significant savings, ensuring that homeowners are not overpaying on their property taxes.

Property Tax Bills Across Lowpoint, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Lowpoint Tax Bill

$1,861

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Lowpoint, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61545	$389	$873	$1,861	$3,185	$4,630

Source: Ownwell