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Friday, May 3, 2024

Analysis: Lee County effective property tax rate outpaced the national average in Q2 2022

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Property owners in Lee County paid 2% the value of their homes in property taxes in the second quarter of 2022 which is more than 1.8 times the national average, according to the real estate analysis posted by the NW Illinois News.

The median sales price of a Lee County home in the second quarter of 2022 was $119,500, based on data from the 124 properties sold during that time. In 2021 the median tax bill for the county was $2,419, which is 2% of the median value of the homes that were taxed.

This is 1.8 times higher than the average effective property tax rate of 1.11% in the U.S. in 2023.

The analysis of Lee County real estate data showed homeowners in Nachusa, Paw Paw, and West Brooklyn paid the highest rates.

The following table compares Nachusa with some other cities belonging to Lee County by their median effective property tax rate, calculated using sales and property tax data from the second quarter of 2022.

CityQ2 2022 SalesQ2 2022 Median PriceMedian tax 2022Effective tax rate
Nachusa2$90,000$3,1063.5%
Paw Paw5$95,000$3,3093.5%
West Brooklyn2$101,317$3,1323.1%
Harmon1$90,000$2,4832.8%
Sublette2$118,000$2,9062.5%
Steward2$159,500$3,6232.3%
Palmyra6$193,625$4,1632.2%
Ashton4$118,500$2,4682.1%
Franklin Grove5$112,000$2,3682.1%
Dixon70$120,000$2,4222%
Amboy14$127,695$2,4541.9%
Lee2$171,750$3,2991.9%
Nelson2$191,000$2,2831.2%
Compton1$379,000$1,9470.5%

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