Home Buying in Normal>Question Details

Anthontruth, Home Buyer in Rockford, IL

what is the average property tax rate?

Asked by Anthontruth, Rockford, IL Thu May 31, 2012

Help the community by answering this question:


Since you are looking at buying homes in Normal, the tax rate currently in the Town of Normal is: 8.3697

This should help break it down:
In Illinois property is assessed at 1/3 its fair market value. For example, if you own a home worth $180,000:
Your assessed value will be approximately $60,000 ($60,000 = $180,000 / 3).
Your property tax bill would be approximately $5,022 ($5,022 = $60,000 / 100 x $8.3697).
The $5,022 tax bill is then split between the nine local taxing bodies. The taxing bodies are: The Town of Normal, Normal Library, McLean County, Township, Road & Bridge, Water Relcamation District, Airport Authority, Community College and Unit 5 School District. Unit 5 School District accounts for 5.0070 of the 8.3697.

Based on these percentages the Town of Normal only receives $537 of this tax bill ($537 = $5,022 x 10.7%).

I am happy to help with any further questions you may have! Happy House Hunting!

~ Amanda Wycoff, Realtor/Broker
Email: Amanda@TeamWycoff.com
Cell: 309-242-2647
0 votes Thank Flag Link Thu Jan 8, 2015
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