Lovington, Piatt County, Illinois Property Taxes

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

Median Lovington, IL effective property tax rate: 2.57%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lovington, IL home value: $199,472
Median annual Lovington, IL tax bill: $5,270, $2,870 higher than the national median property tax bill of $2,400.

How are property taxes in Piatt County calculated?

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

Last Updated March 1, 2025

Lovington, Piatt County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.91%

Estimate Property Tax Bill

$5,805

$5,387

Ownwell’s Lovington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lovington with just two data points.

By entering your property's estimated assessed value, our calculator applies Lovington’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 Piatt.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lovington, Piatt County, Illinois

Local government entities determine tax rates, which can significantly differ within a state. Annually, each county assesses its necessary budget to provide essential services and divides it by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. This annual process, though influenced by votes and laws, essentially follows this formula. Lovington, located in Piatt County, Illinois, offers an interesting case for comparison. Illinois has a median property tax rate of 2.57%, which is considerably higher than the national median of 1.02%. This means residents in Lovington might face higher property tax bills compared to other regions in the United States. Comparing Lovington’s effective property tax rate to other cities in Illinois and the national median provides valuable insights for property owners. Understanding these differences can help residents and potential buyers make informed decisions about property investments and financial planning. By considering both local and national property tax trends, individuals can better navigate the complexities of property taxation and manage their financial obligations effectively.

Property Tax Rates Across Lovington, Piatt County, Illinois

Source: Ownwell

2.08%

2.86%

3.64%

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 Lovington Tax Rate

2.91%

Median Effective Piatt County Tax Rate

2.65%

Median Effective Illinois Tax Rate

2.33%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lovington, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61937	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Lovington, Piatt County, Illinois

When examining property taxes in Lovington, Illinois, 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 Piatt County Assessor 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 Piatt County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Lovington.

For example, the median home price in Lovington is $199,472, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Lovington, Piatt County, Illinois

Source: Ownwell

$143,265

$224,232

$305,199

Median Lovington Market Value

$199,472

Median Piatt County Market Value

$166,368

Median Illinois Market Value

$227,888

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lovington, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61937	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Lovington, Piatt County, Illinois

In Lovington, IL, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. Homeowners in Lovington face higher property tax bills compared to the national median. While the national median property tax bill is $2,400, homeowners in Lovington experience a median tax bill that can range significantly, with the 25th percentile at $4,099 and the 75th percentile reaching $6,442. Such high tax bills can place a considerable financial burden on homeowners, especially when compared to the national median property tax rate of 1.02%.

Ownwell offers a solution by providing expert property tax appeal and exemption services. By analyzing your property's assessed value and comparable properties, Ownwell identifies opportunities to reduce your tax bill. This service can result in significant savings, easing the financial strain on homeowners. Trust Ownwell to navigate the complexities of property tax appeals and help you achieve a fairer tax assessment.

Property Tax Bills Across Lovington, Piatt County, Illinois

Source: Ownwell

$3,695

$6,607

$9,518

Median Lovington Tax Bill

$5,941

Median Piatt County Tax Bill

$4,789

Median Illinois Tax Bill

$5,277

Median United States Tax Bill

$2,400

Property Tax Bills Across Lovington, Piatt County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61937	N/A	N/A	N/A	N/A	N/A

Source: Ownwell