Average Tax Assessment in Wayne County
Real Estate Values and Property Tax Valuation in Wayne County, Illinois
Wayne County has a total of 2,000 properties with a cumulative value of $168.8M, representing 0.02% of all real estate value in Illinois. The total property taxes collected in Wayne County across these 2,000 properties was $3.6M, with an average property tax rate of 2.10%, lower than the state average of 2.47%. The average homeowner in Wayne County pays $1,820 in property taxes, significantly lower than the state average of $5,405. Property taxes are calculated 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 | |
|---|---|
| Wayne Assessor | (207) 685-4983 |
| Wayne Treasurer | (641) 872-2515 |
| Wayne Register of Deeds | (402) 375-2288 |
| Wayne Assessor | (304) 272-6349 |
| 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 Wayne County
Residential Property Taxes by Cities in Wayne County
Wayne County has an average property tax rate of 2.10%, which is slightly lower than the national average of 2.18%. This rate is applied to all properties in the county, regardless of location. However, there is some variation in the effective property tax rate across the cities in Wayne County. The city of Fairfield has the highest effective property tax rate at 2.19%, while the city of Cisne has the lowest effective property tax rate at 2.05%. This means that property owners in Fairfield will pay slightly more in property taxes than those in Cisne.
Overall, Wayne County has a relatively low property tax rate compared to other counties in the state. This makes it an attractive option for those looking to purchase property in the area. However, it is important to note that the effective property tax rate can vary significantly from one city to the next, so it is important to research the rates in the specific city you are considering before making a purchase.
Tax Assessment Value
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of property assessment value in each city in Wayne 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 Wayne 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 Wayne County
The median home price in Wayne County, Illinois has remained steady at $34.0K from October 2022 to October 2023. However, the home inventory in Wayne County has decreased from 7 in October 2022 to 2 in October 2023, indicating a decrease in the availability of homes in the area. This could be due to an increase in demand for homes in the area, leading to a decrease in the number of homes available for sale.
Average Home Value in Wayne County, Illinois
Last updated: November 2023
Percent Change in Total Home Sales in Wayne County
Last updated: November 2023
Percent Change in New Home Listings in Wayne County
Last updated: November 2023
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Mortgage Rates in Wayne County
Wayne County has a total of $8.4M in outstanding home mortgage loans. This amount represents 70 loans, with the median mortgage rate across the county being 4.3%. However, there is a significant variation in mortgage rates across the county, with Fairfield having the highest median rate of 4.5%, and Cisne having the lowest median rate of 4.02%. This variation in rates can have a significant impact on the total amount of money that a homeowner will pay over the life of their loan. It is important for potential homeowners to research the rates in their area to ensure they are getting the best deal possible.
Outstanding Mortgages
The table below shows the percentile distribution of outstanding loans on residential properties in Wayne County by city.
Mortgage Rates
The following table shows the 10th, 25th, 50th, 75th, and 90th percentile of mortgage rates in cities across Wayne County.
Housing Expenses in Wayne County, Illinois
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