Washburn, Woodford County, Illinois Property Taxes

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

Median Washburn, IL effective property tax rate: 2.53%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Washburn, IL home value: $78,014
Median annual Washburn, IL tax bill: $1,872, $528 lower than the national median property tax bill of $2,400.

How are property taxes in Woodford calculated?

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

Last Updated March 1, 2025

Washburn, Woodford County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.53%

Estimate Property Tax Bill

$1,974

$1,832

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

Local government entities set tax rates, which can vary widely within a state. Annually, 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. Below, you can compare Washburn’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. Washburn, located in Woodford County, has a median property tax rate of 2.53%, which is significantly higher than the national median of 1.02%. This rate is not only the highest in Illinois but also matches the lowest within the same area, indicating uniformity in this region. With a national median property tax bill of $2400, homeowners in Washburn may experience a higher financial burden. Understanding these differences can help property owners make informed decisions about appealing their property tax assessments or seeking exemptions.

Property Tax Rates Across Washburn, 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 Washburn Tax Rate

2.53%

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 Washburn, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61570	1.73%	2.23%	2.53%	3.13%	3.13%

Source: Ownwell

Property Tax Assessment Values Across Washburn, Woodford County, Illinois

When examining property taxes in Washburn, 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 Assessor's Office 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 Washburn. For example, the median home price in Washburn is $78,014, with tax bills ranging significantly across the county. Zip code 61570 has the highest median home price at $78,014.

Property Tax Assessment Values Across Washburn, Woodford County, Illinois

Source: Ownwell

$76,683

$160,575

$244,467

Median Washburn Market Value

$78,014

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 Washburn, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61570	$7,921	$44,445	$78,014	$116,685	$164,324

Source: Ownwell

Property Tax Bills Across Washburn, Woodford County, Illinois

In Washburn, located in Woodford County, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. Homeowners in Washburn face a median property tax bill of $1,872, which is significantly lower than the national median of $2,400. This rate can vary, with the 25th percentile tax bill at $941 and the 75th percentile reaching $2,873. Factors like local tax rates and exemptions can influence the final amount. High property taxes can strain homeowners’ budgets, making it crucial to ensure that assessments are accurate and fair. Ownwell assists homeowners by providing expert property tax appeal and exemption services, potentially reducing tax burdens. By analyzing assessment data and identifying discrepancies, Ownwell helps clients secure fairer tax bills, ensuring they only pay their fair share. This service not only saves money but also provides peace of mind, knowing that property taxes are being managed effectively.

Property Tax Bills Across Washburn, Woodford County, Illinois

Source: Ownwell

$1,648

$4,099

$6,549

Median Washburn Tax Bill

$1,872

Median Woodford County Tax Bill

$3,222

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Washburn, Woodford County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61570	$213	$941	$1,872	$2,873	$4,063

Source: Ownwell