Spring Bay, Woodford County, Illinois Property Taxes

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

Median Spring Bay, IL effective property tax rate: 2.37%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Spring Bay, IL home value: $76,683
Median annual Spring Bay, IL tax bill: $1,648, $752 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford County calculated?

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

Last Updated March 1, 2025

Spring Bay, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.37%

Estimate Property Tax Bill

$1,817

$1,686

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

Spring Bay in Woodford County, Illinois, has an effective property tax rate that offers an interesting perspective when compared to other cities in Illinois and the national median. With a median property tax rate of 2.37%, Spring Bay stands significantly higher than the national median of 1.02%. This rate is consistent across the county, as indicated by the uniform tax rates in the zip code 61611. The higher-than-average rate underscores the importance of understanding local tax dynamics and exploring potential avenues for appealing or reducing property taxes. Comparing these figures can provide valuable insights into the local property tax landscape and highlight opportunities for savings.

Property Tax Rates Across Spring Bay, 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 Spring Bay Tax Rate

2.37%

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 Spring Bay, Woodford County, 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, Woodford County, Illinois

When examining property taxes in Spring Bay, 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 Spring Bay. For example, the median home price in Spring Bay is $76,683, with tax bills ranging significantly across the county. 61611 has the highest median home price at $76,683.

Property Tax Assessment Values Across Spring Bay, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Spring Bay Market Value

$76,683

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 Spring Bay, Woodford County, 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, Woodford County, Illinois

In Spring Bay, located in Woodford County, IL, property tax bills are determined by assessing the value of a home and applying the local tax rate. The median home price in this area is $76,683, which is significantly lower than the national median. Despite this, the property tax rate can result in a substantial tax bill. Homeowners in Spring Bay can expect tax bills ranging from $743 at the 25th percentile to $3,518 at the 90th percentile. The median tax bill in the area is $1,648, which is below the national median property tax bill of $2,400. Various factors influence these amounts, including the assessed value of the property and local budgetary needs. For homeowners looking to reduce their property tax obligations, consulting services like Ownwell can be invaluable. By analyzing assessments and identifying potential exemptions, Ownwell helps homeowners appeal their property tax bills, potentially leading to significant savings. This service ensures that homeowners are not overpaying and are only taxed on a fair assessment of their property value.

Property Tax Bills Across Spring Bay, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Spring Bay Tax Bill

$1,648

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Spring Bay, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61611	$147	$743	$1,648	$2,514	$3,518

Source: Ownwell