Lowpoint, Illinois Property Taxes
The median property tax rate in Lowpoint, Illinois is 2.32%, which is significantly higher than the national median of 0.99% but slightly below the Illinois state median of 2.35%. With a median home value of $87,576 in Lowpoint, the typical annual property tax bill amounts to $1,861, falling below the national median of $2,690. Property taxes in Lowpoint are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lowpoint'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 Lowpoint 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
Lowpoint, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s LOWPOINT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOWPOINT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOWPOINT 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 Lowpoint, Illinois
Property taxes in LOWPOINT, Illinois, are crucial for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in LOWPOINT is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within LOWPOINT set these rates annually, and they can vary considerably across different neighborhoods. Each year, LOWPOINT 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 LOWPOINT's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61545 zip code has the highest median property tax rate of 2.32%, while the 61545 zip code also has the lowest median tax rate of 2.32%. Understanding how these cities compare with LOWPOINT 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 Lowpoint Tax Rate
2.32%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowpoint, 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, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LOWPOINT, 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 LOWPOINT, 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. The median home price in LOWPOINT is $87,576, with property tax bills ranging from $873 at the 25th percentile to $4,630 at the 90th percentile. The zip code 61545 has the highest median tax bill of $1,861. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lowpoint Assessed Value
$87,576
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 Lowpoint, 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, Illinois
In Lowpoint, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate. In Woodford County, the median home price is $87,576, and property tax rates vary significantly. For example, homeowners in the 25th percentile can expect a tax bill around $873, while those in the 75th percentile might see bills up to $3,185. The tax bill can even reach $4,630 for those in the 90th percentile. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Lowpoint experience a range of tax bills, with the highest median tax bill in the area being $1,861, which is above the national median property tax rate of 0.99%. Understanding how these factors interplay can help homeowners better anticipate their annual property tax obligations.
Average Lowpoint Tax Bill
$1,861
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowpoint, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61545 | $389 | $873 | $1,861 | $3,185 | $4,630 |
Source: Ownwell