Paxton, Iroquois County, Illinois Property Taxes

Name: Property Tax Bills Across Paxton, Iroquois County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Paxton, IL effective property tax rate: 3.41%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Paxton, IL home value: $156,993
Median annual Paxton, IL tax bill: $3,748, $1,348 higher than the national median property tax bill of $2,400.

How are property taxes in Iroquois calculated?

Property taxes in Paxton, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Paxton’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Paxton, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Paxton, Iroquois County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.41%

Estimate Property Tax Bill

$5,353

$4,968

Ownwell’s Paxton Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Paxton with just two data points. By entering your property's estimated assessed value, our calculator applies Paxton’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Iroquois County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Paxton, Iroquois County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell.

In Paxton, located in Iroquois County, Illinois, property owners experience a unique tax landscape. The city’s effective property tax rate is significantly higher than both the state and national averages. With Illinois known for having one of the highest property tax rates in the country, Paxton is no exception. The median tax rate in Illinois is considerably above the national median of 1.02%, and Paxton’s rate further emphasizes this trend.

Property owners in Paxton face a substantial property tax burden compared to many other regions across the United States. Understanding these rates is crucial for residents and potential property buyers in the area, as they directly impact annual expenses and the overall cost of owning property in Paxton.

Property Tax Rates Across Paxton, Iroquois County, Illinois

Source: Ownwell

2.29%

2.65%

3.01%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Paxton Tax Rate

3.41%

Median Effective Iroquois County Tax Rate

2.59%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Paxton, Iroquois County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60957	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Paxton, Iroquois County, Illinois

When examining property taxes in Paxton, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Iroquois County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Iroquois County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Paxton.

For example, the median home price in Paxton is $156,993, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Paxton, Iroquois County, Illinois

Source: Ownwell

$79,238

$114,214

$149,190

Median Paxton Market Value

$156,993

Median Iroquois County Market Value

$114,710

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Paxton, Iroquois County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60957	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Paxton, Iroquois County, Illinois

In Paxton, located in Iroquois County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the home's market value, with local tax rates applied to calculate the final tax bill. Homeowners in Paxton face a median property tax bill significantly higher than the national median, with the 25th percentile at $3,738 and the 75th percentile reaching $5,686. These figures highlight the substantial financial impact property taxes can have on homeowners in this area. Various factors, including changes in local government budgets and school funding needs, can influence tax rates and subsequently affect tax bills. Ownwell assists homeowners by offering property tax appeal services, potentially reducing their tax liabilities. Our experts analyze property assessments to identify discrepancies or overvaluations, providing a strong case for appeal. By leveraging Ownwell's expertise, homeowners can achieve significant savings on their property tax bills, easing their financial burden.

Property Tax Bills Across Paxton, Iroquois County, Illinois

Source: Ownwell

$2,117

$3,220

$4,322

Median Paxton Tax Bill

$3,748

Median Iroquois County Tax Bill

$3,017

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Paxton, Iroquois County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60957	N/A	N/A	N/A	N/A	N/A

Source: Ownwell