Spring Bay, Illinois Property Taxes
The median property tax rate in Spring Bay, IL is 2.37%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Spring Bay, the typical annual property tax bill reaches $1,648, which is still below the national median of $2,690. Property taxes in Spring Bay 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 Spring Bay'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 Spring Bay 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
Spring Bay, 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 Spring Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Bay 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 Spring Bay, Illinois
Property taxes in Spring Bay, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Bay is 2.37%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Spring Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Bay 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 Spring Bay's effective property tax rate to other areas in Illinois and the national median. For comparison, the zip code 61611 has both the highest and lowest median property tax rate of 2.37%, matching Spring Bay's rate. Understanding how these areas compare with Spring Bay 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 Spring Bay Tax Rate
2.37%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Bay, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | 1.76% | 2.10% | 2.37% | 2.69% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Spring Bay, Illinois
In Spring Bay, 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 Assessor 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 Spring Bay, 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 Spring Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $1,648 in the 61611 zip code, while the lowest median tax bill is also $1,648 in the same zip code.
Average Spring Bay Assessed Value
$76,683
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 Spring Bay, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $5,857 | $43,365 | $76,683 | $114,807 | $148,865 |
Source: Ownwell
Property Tax Bills Across Spring Bay, Illinois
In Spring Bay, located in 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 annual tax bill. For example, with a median home price of $76,683, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $743, while those in the 75th percentile pay approximately $2,514. At the 90th percentile, tax bills can reach up to $3,518. These tax bills are influenced by various factors, including property location, local government budgets, and specific levies for schools, infrastructure, and other community services. Compared to the national median property tax rate of 0.99%, homeowners in Spring Bay experience a wide range of tax obligations, reflecting the diverse property values and local tax policies. This variability can significantly impact homeowners' finances, making it crucial to understand and manage property tax responsibilities.
Average Spring Bay Tax Bill
$1,648
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Bay, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $147 | $743 | $1,648 | $2,514 | $3,518 |
Source: Ownwell