Secor, Illinois Property Taxes
The median property tax rate in SECOR, IL is 2.32%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in SECOR, the typical annual property tax bill reaches $2,001, which is below the national median of $2,690. Property taxes in SECOR are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding SECOR'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 SECOR or another part of Woodford County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Secor, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.32%
Estimate Property Tax Bill
$1,826
$1,784
Ownwell's SECOR Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in SECOR effortlessly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SECOR to provide an accurate estimate of your property tax bill. This valuable tool helps you gain a clear understanding of your potential tax liabilities. If you’re curious about trends on a neighborhood level, scroll down for more localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Secor, Illinois
Property taxes in SECOR, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SECOR is 2.32%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within SECOR set these rates annually, and they can vary significantly across different neighborhoods. Each year, SECOR 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 SECOR's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61771 ZIP code has both the highest and lowest median property tax rate of 2.32%. Understanding how these cities compare with SECOR 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 Secor 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 Secor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61771 | 1.92% | 2.14% | 2.32% | 3.19% | 3.19% |
Source: Ownwell
Property Tax Assessment Values Across Secor, Illinois
In SECOR, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Assessment Office 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 SECOR, 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. Being aware of these valuation processes in SECOR helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In SECOR, the zip code with the highest and lowest median tax bill is 61771, both at $2001.
Average Secor Assessed Value
$78,711
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 Secor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61771 | $4,535 | $26,870 | $78,711 | $187,982 | $300,714 |
Source: Ownwell
Property Tax Bills Across Secor, Illinois
In SECOR, Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is typically a percentage of the market value of the property. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $78,711, homeowners in SECOR can expect to pay varying amounts in property taxes. The 25th percentile tax bill is around $755, while the 75th percentile tax bill reaches $4,154, and those in the 90th percentile might see a tax bill as high as $6,581. These figures highlight the range of property tax burdens in the area, significantly impacting homeowners' financial planning. Compared to the national median property tax rate of 0.99%, the tax rates in SECOR can vary widely, reflecting the unique assessments and local tax policies in Woodford County. This variability underscores the importance of understanding local tax calculations for effective financial management.
Average Secor Tax Bill
$2,001
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Secor, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61771 | $131 | $755 | $2,001 | $4,154 | $6,581 |
Source: Ownwell