Washburn, Illinois Property Taxes
The median property tax rate in Washburn, IL is 2.53%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Washburn, the typical annual property tax bill reaches $1,872, falling below the national median of $2,690. Property taxes in Washburn 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 Washburn'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 Washburn 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
Washburn, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.53%
Estimate Property Tax Bill
$1,974
$1,832
Ownwell’s Washburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Washburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Washburn 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 Washburn, Illinois
Property taxes in Washburn, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Washburn is 2.53%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Washburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Washburn 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 Washburn's effective property tax rate to other counties in Illinois and the national median. For comparison, the 61570 zip code has the highest median property tax rate of 2.53%, while the same zip code also has the lowest median tax rate of 2.53%. Understanding how these areas compare with Washburn 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 Washburn Tax Rate
2.53%
Average Woodford County Tax Rate
2.44%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Washburn, 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, Illinois
In Washburn, 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 Washburn, 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. For instance, the median home price in Washburn is $78,014, with tax bills ranging from $941 at the 25th percentile to $4,063 at the 90th percentile. 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 Washburn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Washburn Assessed Value
$78,014
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 Washburn, 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, Illinois
In Washburn, IL, 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 market value, reflecting the home's worth. The tax rate in Washburn is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $78,014, homeowners in Washburn can expect varying tax bills. The 25th percentile tax bill stands at $941, while those in the 75th percentile pay around $2,873, and the 90th percentile sees tax bills reaching $4,063. These tax bills significantly impact homeowners, influencing both monthly budgets and long-term financial planning. Notably, the highest median tax bill in the area is $1,872, highlighting the variations within the region. Compared to the national median property tax rate of 0.99%, Washburn's tax rates can be seen as relatively high, affecting overall affordability for residents.
Average Washburn Tax Bill
$1,872
Average Woodford County Tax Bill
$3,222
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Washburn, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61570 | $213 | $941 | $1,872 | $2,873 | $4,063 |
Source: Ownwell