Average Tax Assessment in McLean County
Real Estate Values and Property Tax Valuation in McLean County, Illinois
McLean County has a total of 52,426 properties with a cumulative value of $8.9B. This accounts for 1.27% of all real estate value in Illinois. Property taxes in McLean County totaled $244.8M, with an average homeowner paying $4,671 in property taxes compared to the state average of $5,405. The average property tax rate in McLean County is 2.76%, higher than the state average of 2.47%. 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 | |
|---|---|
| McLean Treasurer | (309) 888-5180 |
| McLean Auditor/Treasurer | (701) 462-8541 216 |
| McLean Property Valuation | (270) 273-3291 |
| McLean Assessor | (309) 888-5130 |
| 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 McLean County
Residential Property Taxes by Cities in McLean County
McLean County has an average property tax rate of 2.76%, which is slightly lower than the national average of 2.79%. This rate is applied to all property owners in the county, regardless of the city in which they live. However, there is some variation in the effective property tax rate across the cities in McLean County. The city with the highest effective property tax rate is Arrowsmith, at 4.37%, while the city with the lowest effective property tax rate is Bloomington, at 2.62%. This means that property owners in Arrowsmith pay almost double the amount of property taxes compared to those in Bloomington. Despite this variation, the average property tax bill in McLean County is still relatively low compared to other counties in the state.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in McLean 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 |
|---|---|---|---|---|---|
| Arrowsmith | $0 | $37,068 | $87,237 | $120,591 | $154,632 |
| Bellflower | $0 | $39,734 | $71,349 | $90,402 | $127,659 |
| Bloomington | $74,809 | $105,702 | $160,106 | $232,238 | $315,906 |
| Carlock | $51,417 | $100,696 | $130,332 | $196,010 | $248,748 |
| Chenoa | $27,150 | $59,208 | $85,815 | $121,191 | $161,476 |
| Colfax | $10,015 | $47,601 | $80,931 | $124,179 | $171,114 |
| Danvers | $29,154 | $92,912 | $130,821 | $176,852 | $237,754 |
| Downs | $44,589 | $105,429 | $181,048 | $265,096 | $360,925 |
| Gridley | $41,108 | $77,216 | $115,374 | $157,158 | $208,735 |
| Heyworth | $58,704 | $100,845 | $149,544 | $207,966 | $258,819 |
| Hudson | $83,098 | $128,529 | $187,917 | $266,601 | $405,818 |
| Le Roy | $45,620 | $86,925 | $122,976 | $168,130 | $224,646 |
| Lexington | $41,432 | $94,856 | $137,286 | $182,709 | $257,482 |
| Mc Lean | $0 | $64,878 | $98,256 | $133,575 | $185,575 |
| Normal | $98,014 | $129,060 | $159,288 | $203,764 | $257,791 |
| Saybrook | $0 | $49,758 | $79,840 | $105,530 | $154,204 |
| Stanford | $10,521 | $51,006 | $93,240 | $136,407 | $205,532 |
| Towanda | $41,498 | $90,177 | $144,000 | $203,817 | $285,939 |
Property Tax Bill
This table shows the percentiles of actual property tax paid on residential properties for each city in McLean County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arrowsmith | $970 | $1,853 | $2,609 | $4,254 | $7,800 |
| Bellflower | $437 | $1,155 | $1,788 | $2,873 | $4,625 |
| Bloomington | $1,713 | $2,552 | $4,055 | $6,160 | $8,684 |
| Carlock | $1,772 | $2,536 | $3,294 | $5,266 | $7,167 |
| Chenoa | $860 | $1,509 | $2,283 | $3,474 | $4,857 |
| Colfax | $748 | $1,365 | $2,473 | $4,050 | $5,881 |
| Danvers | $1,860 | $2,837 | $3,839 | $5,264 | $7,096 |
| Downs | $1,802 | $3,019 | $5,117 | $7,719 | $10,079 |
| Gridley | $1,184 | $2,002 | $3,112 | $4,421 | $6,296 |
| Heyworth | $1,823 | $2,727 | $4,002 | $5,782 | $7,464 |
| Hudson | $2,348 | $3,369 | $5,037 | $7,312 | $11,313 |
| Le Roy | $1,534 | $2,362 | $3,398 | $4,884 | $6,922 |
| Lexington | $1,759 | $2,630 | $3,813 | $5,327 | $7,901 |
| Mc Lean | $1,363 | $2,042 | $3,138 | $4,527 | $7,890 |
| Normal | $2,500 | $3,373 | $4,286 | $5,637 | $7,306 |
| Saybrook | $664 | $1,294 | $2,091 | $3,477 | $5,580 |
| Stanford | $931 | $1,711 | $3,075 | $4,850 | $8,035 |
| Towanda | $1,773 | $2,618 | $3,818 | $6,032 | $8,330 |
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 |
|---|---|---|---|---|---|
| Arrowsmith | - | 5.00% | 2.99% | 3.53% | 5.04% |
| Bellflower | - | 2.91% | 2.51% | 3.18% | 3.62% |
| Bloomington | 2.29% | 2.41% | 2.53% | 2.65% | 2.75% |
| Carlock | 3.45% | 2.52% | 2.53% | 2.69% | 2.88% |
| Chenoa | 3.17% | 2.55% | 2.66% | 2.87% | 3.01% |
| Colfax | 7.47% | 2.87% | 3.06% | 3.26% | 3.44% |
| Danvers | 6.38% | 3.05% | 2.93% | 2.98% | 2.98% |
| Downs | 4.04% | 2.86% | 2.83% | 2.91% | 2.79% |
| Gridley | 2.88% | 2.59% | 2.70% | 2.81% | 3.02% |
| Heyworth | 3.11% | 2.70% | 2.68% | 2.78% | 2.88% |
| Hudson | 2.83% | 2.62% | 2.68% | 2.74% | 2.79% |
| Le Roy | 3.36% | 2.72% | 2.76% | 2.90% | 3.08% |
| Lexington | 4.25% | 2.77% | 2.78% | 2.92% | 3.07% |
| Mc Lean | - | 3.15% | 3.19% | 3.39% | 4.25% |
| Normal | 2.55% | 2.61% | 2.69% | 2.77% | 2.83% |
| Saybrook | - | 2.60% | 2.62% | 3.29% | 3.62% |
| Stanford | 8.85% | 3.35% | 3.30% | 3.56% | 3.91% |
| Towanda | 4.27% | 2.90% | 2.65% | 2.96% | 2.91% |
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Real Estate Values in McLean County
The median home price in McLean County, Illinois has decreased by 9.77% from October 2022 to October 2023, from $220.0K to $198.5K. This decrease in home prices is accompanied by a decrease in home inventory, from 459 in October 2022 to 359 in October 2023. This suggests that the housing market in McLean County is cooling off, with fewer homes available and lower prices.
Average Home Value in McLean County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in McLean County
Last updated: November 2023
Percent Change in New Home Listings in McLean County
Last updated: November 2023
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Mortgage Rates in McLean County
McLean County has a total of $3.6B in outstanding home mortgage loans. This represents 22.8K loans, or about 10% of the total home value in the county. The median mortgage rate in McLean County is 4.1%, with the highest rate being 4.25% in Colfax and the lowest rate being 3.9% in Arrowsmith. This variation in rates across counties is indicative of the competitive nature of the mortgage market and the importance of shopping around for the best rate.
Overall, McLean County has a healthy mortgage market, with a relatively low rate and a high percentage of total home value represented by outstanding loans. This is a good sign for the local economy, as it indicates that people are able to access financing to purchase homes. It also suggests that lenders are willing to provide financing, which is a positive sign for the housing market.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in McLean County by city.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arrowsmith | $49,977 | $62,631 | $76,844 | $112,033 | $150,149 |
| Bellflower | $37,709 | $58,412 | $74,170 | $94,922 | $125,150 |
| Bloomington | $53,749 | $85,137 | $126,756 | $186,880 | $259,980 |
| Carlock | $61,828 | $90,044 | $118,002 | $156,667 | $194,266 |
| Chenoa | $36,561 | $56,273 | $78,859 | $107,102 | $131,713 |
| Colfax | $37,157 | $53,245 | $80,553 | $117,419 | $163,475 |
| Danvers | $51,168 | $74,991 | $108,931 | $145,598 | $191,919 |
| Downs | $64,718 | $99,312 | $149,045 | $231,316 | $305,648 |
| Gridley | $45,219 | $65,529 | $90,140 | $126,108 | $168,292 |
| Heyworth | $59,513 | $88,221 | $125,105 | $171,459 | $222,272 |
| Hudson | $66,654 | $95,879 | $129,150 | $186,844 | $275,364 |
| Le Roy | $51,547 | $72,511 | $101,642 | $139,684 | $192,700 |
| Lexington | $60,156 | $82,616 | $113,937 | $161,286 | $213,440 |
| Mc Lean | $45,241 | $69,080 | $92,141 | $119,584 | $188,703 |
| Normal | $59,073 | $88,148 | $120,220 | $162,269 | $210,800 |
| Saybrook | $28,346 | $43,668 | $76,005 | $106,905 | $162,192 |
| Stanford | $48,100 | $58,290 | $88,056 | $126,421 | $186,614 |
| Towanda | $54,796 | $91,519 | $126,025 | $176,634 | $257,142 |
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across McLean County.
| City | 10th Percentile | 25th Percentile | Median | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Arrowsmith | 2.79% | 3.00% | 3.90% | 5.09% | 6.27% |
| Bellflower | 2.97% | 3.37% | 3.96% | 4.92% | 6.24% |
| Bloomington | 2.90% | 3.46% | 4.03% | 4.87% | 6.04% |
| Carlock | 2.99% | 3.50% | 4.00% | 4.75% | 6.04% |
| Chenoa | 2.95% | 3.53% | 4.12% | 4.95% | 6.21% |
| Colfax | 2.99% | 3.62% | 4.25% | 5.05% | 6.24% |
| Danvers | 2.90% | 3.50% | 4.05% | 4.89% | 6.03% |
| Downs | 2.87% | 3.38% | 4.09% | 5.00% | 6.08% |
| Gridley | 2.90% | 3.50% | 4.10% | 5.08% | 6.10% |
| Heyworth | 3.00% | 3.61% | 4.14% | 4.92% | 6.01% |
| Hudson | 2.95% | 3.50% | 4.02% | 4.85% | 5.97% |
| Le Roy | 2.93% | 3.50% | 4.08% | 4.86% | 5.95% |
| Lexington | 2.87% | 3.34% | 4.03% | 5.01% | 6.10% |
| Mc Lean | 3.00% | 3.60% | 4.13% | 4.90% | 5.89% |
| Normal | 2.90% | 3.48% | 4.09% | 4.86% | 6.01% |
| Saybrook | 2.80% | 3.29% | 4.00% | 5.06% | 6.21% |
| Stanford | 2.87% | 3.16% | 4.09% | 5.03% | 6.22% |
| Towanda | 2.99% | 3.50% | 3.96% | 4.75% | 6.17% |
Housing Expenses in McLean County, Illinois
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