Average Tax Assessment in Lee County
Real Estate Values and Property Tax Valuation in Lee County, Illinois
Lee County has a total of 2,472 properties with a cumulative value of $83.2M, representing 0.01% of all real estate value in Illinois. The average property tax rate in Lee County is 12.25%, which is significantly higher than the state average of 2.47%. This resulted in a total of $10.2M in property taxes collected across the county. The average Lee County homeowner pays $4,276 in property taxes compared to the state average of $5,405. Property taxes are based on the assessed value of the property, which is determined by the local assessor.
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 | |
|---|---|
| Lee Clerk | (979) 542-3684 |
| Lee Mapping/GIS | (815) 288-4483 |
| Lee Chancery Clerk | (662) 432-2100 |
| Lee Clerk of Circuit Court | (276) 346-7763 |
| 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 Lee County
Residential Property Taxes by Cities in Lee County
Lee County has an average property tax rate of 12.25%, which is slightly higher than the national average of 11.22%. This rate is applied to all property owners in the county, regardless of the city they live in. However, the effective property tax rate can vary significantly across the cities in Lee County. For example, Dixon has the highest effective property tax rate at 5.84%, while other cities such as Amboy and Franklin Grove have much lower rates of 1.50% and 1.75%, respectively. This means that property owners in Dixon will pay significantly more in property taxes than those in Amboy or Franklin Grove.
Overall, Lee County has a slightly higher than average property tax rate, but the effective rate can vary significantly across the cities. Property owners should research the effective property tax rate in their city before making any decisions about buying or selling property in Lee County.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Lee 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.
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in Lee County.
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.
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Real Estate Values in Lee County
The median home price in Lee County, Illinois decreased by 15.25% from October 2022 to October 2023, from $165.2K to $140.0K. This decrease in home price was accompanied by a decrease in home inventory, from 96 in October 2022 to 87 in October 2023. This suggests that the housing market in Lee County is cooling off, with fewer homes available and lower prices.
Average Home Value in Lee County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Lee County
Last updated: November 2023
Percent Change in New Home Listings in Lee County
Last updated: November 2023
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Mortgage Rates in Lee County
Lee County has a total of $80.5 million in outstanding home mortgage loans. This represents 292 loans, or about 0.2% of the total home value in the county. The median mortgage rate in Lee County varies across cities, with Amboy having the highest rate at 4.5% and Dixon having the lowest rate at 4.28%. This variation in rates can be attributed to the different economic conditions across the county, as well as the different types of mortgages available.
Overall, Lee County has a relatively low amount of outstanding home mortgage loans compared to the total home value in the county. However, the variation in rates across cities indicates that there is still a wide range of options available to potential homebuyers in the county. With careful research and comparison, homebuyers in Lee County can find the best mortgage rate that fits their needs.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Lee County by city.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Lee County.
Housing Expenses in Lee County, Illinois
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