Panola, Woodford County, Illinois Property Taxes

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

Median Panola, IL effective property tax rate: 2.39%, significantly higher than the national median of 1.02%, but slightly higher than the Illinois state median of 2.35%.
Median Panola, IL home value: $114,630
Median annual Panola, IL tax bill: $2,731, $331 higher than the national median property tax bill of $2,400.

How are property taxes in Woodford calculated?

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

Last Updated March 1, 2025

Panola, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.39%

Estimate Property Tax Bill

$2,740

$2,542

Ownwell’s Panola Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Panola with just two data points. By entering your property's estimated assessed value, our calculator applies Panola’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by 17203 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 17203 County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Panola, Woodford County, Illinois

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

Panola in 17203, IL, has an effective property tax rate that can be compared to other cities in Illinois and the median property tax rates in Illinois and the U.S. Illinois has a median property tax rate of 2.39%, significantly higher than the national median of 1.02%. This means residents in Panola might experience higher property tax bills compared to many other parts of the country. The property tax rate in Panola reflects the broader trend in Illinois, where the highest and lowest median tax rates are both 2.39%, indicating a uniformity in tax rates across certain areas. Understanding these rates can help property owners in Panola make informed decisions about property tax appeals and exemptions, potentially leading to savings.

Property Tax Rates Across Panola, 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 Panola Tax Rate

2.39%

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 Panola, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61738	2.04%	2.18%	2.39%	2.69%	2.83%

Source: Ownwell

Property Tax Assessment Values Across Panola, Woodford County, Illinois

When examining property taxes in Panola, IL, 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 Appraisal District 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 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 Panola. For example, the median home price in Panola is $114,630, with tax bills ranging significantly across the county. Zip code 61738 has the highest median home price at $114,630.

Property Tax Assessment Values Across Panola, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Panola Market Value

$114,630

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 Panola, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61738	$9,043	$49,998	$114,630	$166,908	$185,101

Source: Ownwell

Property Tax Bills Across Panola, Woodford County, Illinois

In Panola, Illinois, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value, and it forms the basis for calculating the property tax bill. The effective property tax rate in Panola is higher than the national median of 1.02%, contributing to a median tax bill of $2,731. Homeowners in Panola face tax bills that can vary significantly, with the 25th percentile at $1,159 and the 75th percentile at $3,938. Factors such as property size, location, and improvements influence the assessed value and, consequently, the tax bill. High property taxes can place a financial burden on homeowners, potentially affecting their overall financial health. Ownwell can assist homeowners in Panola by identifying potential errors in assessments and filing appeals to ensure fair taxation. By leveraging expertise in property tax law and local market trends, Ownwell helps homeowners reduce their tax liabilities and save money.

Property Tax Bills Across Panola, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Panola Tax Bill

$2,731

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Panola, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61738	$256	$1,159	$2,731	$3,938	$4,479

Source: Ownwell