Average Tax Assessment in Iroquois County
Real Estate Values and Property Tax Valuation in Iroquois County, Illinois
Iroquois County has 1,625 properties with a cumulative value of $232.1M. This accounts for 0.03% of all real estate value in Illinois. Property taxes in Iroquois County totaled $6.2M, with an average homeowner paying $3,846 in property taxes, which is lower than the state average of $5,405. The average property tax rate in Iroquois County is 2.68%, which is higher than the state average of 2.47%. Property taxes are based on the assessed value of the property, which is typically 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 | |
|---|---|
| Iroquois Recorder of Deeds | (815) 432-6962 |
| Important Dates | |
|---|---|
| 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 | |
|---|---|
| Senior | Available |
| Disabled | Available |
| Homestead | Available |
| Veteran | Available |
| Solar/Wind | Available |
| Charitable | Available |
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Real Estate Statistics in Iroquois County
Residential Property Taxes by Cities in Iroquois County
Iroquois County has an average property tax rate of 2.68%, which is slightly lower than the average rate for the rest of the state. This rate is applied to all properties in the county, regardless of their location. However, the effective property tax rate can vary significantly from city to city. For example, Watseka has the highest effective property tax rate in the county at 2.86%, while other cities such as Onarga and Chebanse have lower effective rates of 2.64% and 2.62%, respectively.
Overall, Iroquois County has a relatively low property tax rate compared to other counties in the state. However, it is important to note that the effective rate can vary significantly from city to city, so it is important to research the rates in the specific city you are considering purchasing property in.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Iroquois 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 |
|---|---|---|---|---|---|
| Watseka | $7,737 | $30,450 | $82,071 | $140,305 | $213,260 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Iroquois County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Watseka | $524 | $1,084 | $2,234 | $3,822 | $5,776 |
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 |
|---|---|---|---|---|---|
| Watseka | 6.77% | 3.56% | 2.72% | 2.72% | 2.71% |
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Real Estate Values in Iroquois County
The median home price in Iroquois County, Illinois has increased by 29.41% from October 2022 to October 2023, from $96.0K to $110.0K. This is a significant increase in home prices in the area, indicating a strong real estate market. At the same time, the home inventory in Iroquois County has decreased from 106 in October 2022 to 78 in October 2023, indicating a decrease in the number of homes available for sale. This could be due to a combination of factors, such as an increase in demand for homes in the area or a decrease in the number of homes being listed for sale.
Average Home Value in Iroquois County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Iroquois County
Last updated: November 2023
Percent Change in New Home Listings in Iroquois County
Last updated: November 2023
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Mortgage Rates in Iroquois County
Iroquois County has a total of $26.1M in outstanding home mortgage loans. This amount represents 111 loans, which is a significant number for a county of its size. The median mortgage rate across the county is 3.82%, which is relatively low compared to other counties in the area. This rate is consistent across all cities in the county, with Watseka having the highest median mortgage rate. This rate is still lower than the national average, making it an attractive option for those looking to purchase a home in the area.
The total outstanding loan amount in Iroquois County is relatively low compared to the total home value in the area. This means that the loans represent a small percentage of the total home value, which is beneficial for those looking to purchase a home in the area. Additionally, the low median mortgage rate across the county means that those looking to purchase a home in the area can expect to pay a lower interest rate than those in other counties. This makes Iroquois County an attractive option for those looking to purchase a home.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Iroquois County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Watseka | $18,448 | $27,422 | $89,299 | $224,084 | $356,738 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Iroquois County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Watseka | 2.90% | 3.37% | 3.82% | 4.46% | 4.64% |
Housing Expenses in Iroquois County, Illinois
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