Average Tax Assessment in Boone County
Real Estate Values and Property Tax Valuation in Boone County, Illinois
Boone County has a total of 3,974 properties with a cumulative value of $525.9M, representing 0.07% of all real estate value in Illinois. Property taxes in Boone County totaled $14.2M, with an average homeowner paying $3,588 in property taxes compared to the state average of $5,405. The average property tax rate in Boone County is 2.71%, higher than the state average of 2.47%. Property taxes are based on the assessed value of the property, which is usually lower than the market value.
In Illinois, property taxes are based on the value of the property as of January 1st. Property owners have the option to appeal their property taxes between June and December, or within 30 days of when the notices are published. Property tax bills are issued on February 1st and July 1st, with the first installment due on June 1st in Cook County. This first installment is estimated at 55% of the prior year's tax bill, with taxes paid in arrears.
Updated November 01, 2023
Important Links | |
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Boone Recorder | (573) 886-4345 |
Boone Property Valuation | (859) 334-2124 |
Boone Recorder | (765) 482-3070 |
Boone Assessor | (304) 369-7307 |
Important Dates | |
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Property Valuation Date: | January 1st |
Property Tax Appeal Deadline: | June - December or 30 days after notices are published |
Property Tax Bills Issued: | February 1st and July 1st |
Real Property Tax Bill Due (1st of #): | June, Two installments but due dates may vary by county March 1st, Cook County - 1st half installment, estimated at 55% of prior year tax bill with taxes paid in arrears. |
Real Property Tax Bill Due (2nd of #): | September, Two installments but due dates may vary by county August 1, Cook County - 2nd half installment - TARGETED but may be delayed - due 30 days after being issued. Reconciled installment using the BOR certified AV, actual local tax rate, and final state equalization factor, less the estimated 1st installment with taxes paid in arrears |
Available Exemptions | |
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Senior | Available |
Disabled | Available |
Homestead | Available |
Veteran | Available |
Solar/Wind | Available |
Charitable | Available |
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Real Estate Statistics in Boone County
Residential Property Taxes by Cities in Boone County
Boone County has an average property tax rate of 2.71%, which is slightly lower than the state average of 2.87%. This rate is applied to all property owners in the county, regardless of the city in which they live. However, the effective property tax rate can vary significantly from city to city. For example, Capron has the highest effective property tax rate in the county at 2.78%, while Poplar Grove has the lowest effective property tax rate at 2.73%. This means that property owners in Capron will pay slightly more in property taxes than those in Poplar Grove. Overall, Boone County has a relatively low property tax rate compared to other counties in the state, making it an attractive option for those looking to purchase property in the area.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Boone County. The tax assessment value may differ from the potential sale value, and is used to calculate the property tax for each piece of real estate.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Belvidere | $0 | $0 | $0 | $119,406 | $207,722 |
Capron | $0 | $88,998 | $166,518 | $236,031 | $316,072 |
Poplar Grove | $0 | $3 | $97,584 | $196,334 | $279,183 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Boone County.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Belvidere | $69 | $91 | $161 | $3,314 | $5,633 |
Capron | $71 | $2,258 | $4,494 | $6,565 | $8,666 |
Poplar Grove | $64 | $103 | $2,713 | $5,362 | $7,729 |
Effective Property Tax Rate
The effective property tax rate is calculated by dividing the property tax bill by the assessed value. For the percentiles below, the calculation is performed using the percentiles for property tax bill and assessed value above. Therefore, each consecutive percentile doesn't necessarily show a larger value.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Belvidere | - | - | - | 2.78% | 2.71% |
Capron | - | 2.54% | 2.70% | 2.78% | 2.74% |
Poplar Grove | - | ###.##% | 2.78% | 2.73% | 2.77% |
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Real Estate Values in Boone County
The data from Redfin indicates that home prices in Boone County, Illinois have seen a significant increase from October 2022 to October 2023. The median home price rose from $199.0K to $285.0K, representing a 43.22% increase. This is likely due to a decrease in home inventory, as the number of homes available for sale dropped from 128 in October 2022 to 77 in October 2023. This suggests that demand for homes in Boone County is high, driving up prices.
Average Home Value in Boone County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Boone County
Last updated: November 2023
Percent Change in New Home Listings in Boone County
Last updated: November 2023
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Mortgage Rates in Boone County
Mortgages in Boone County are a significant part of the local economy, with a total outstanding loan amount of $72.5 million across 285 loans. This represents a significant percentage of the total home value in the county, and demonstrates the importance of mortgages in the local housing market.
The median mortgage rate in Boone County varies across cities, with Capron having the highest median rate at 3.62%, and Poplar Grove having the lowest at 3.48%. This variation in rates across cities highlights the importance of shopping around for the best mortgage rate when looking to purchase a home in Boone County.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Boone County by city.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Belvidere | $66,425 | $85,196 | $111,640 | $189,965 | $297,135 |
Capron | $64,854 | $129,394 | $225,218 | $290,706 | $344,179 |
Poplar Grove | $68,478 | $98,266 | $171,839 | $206,213 | $280,334 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Boone County.
City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
Belvidere | 2.80% | 2.99% | 3.50% | 4.36% | 4.86% |
Capron | 2.75% | 2.96% | 3.62% | 4.21% | 4.60% |
Poplar Grove | 2.75% | 2.88% | 3.48% | 4.22% | 4.77% |
Housing Expenses in Boone County, Illinois
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