Colfax, Mclean County, Illinois Property Taxes
Property Taxes in Colfax, Illinois
Median Colfax, Illinois effective property tax rate: 2.09%, significantly higher than the national median of 1.02%, and lower than the Illinois state median of 2.33%.
Median Colfax, Illinois home value: $117,150
Median annual Colfax, Illinois tax bill: $2,357, $43 lower than the national median property tax bill of $2,400.
How are property taxes in McLean calculated?
Property taxes in Colfax, Illinois 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 Colfax's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Colfax, knowing local tax details benefits homeowners and investors.
Last Updated April 13, 2026
Colfax, Mclean County, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.09%
Estimate Property Tax Bill
$2,448
$2,272
How Does the Colfax Property Tax Calculator Work?
Use this Colfax property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Colfax's median effective tax rate of 2.09% — based on actual property records in McLean County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local assessment district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Colfax's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Colfax: rates range from 2.09% in 61728 to 2.09% in 61728, primarily due to differences in school district levies and local assessment districts.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Colfax.
About Colfax Property Taxes
About Property Taxes in Colfax, McLean, Illinois
Colfax’s median effective property tax rate of 2.09% is lower than the Illinois state median of 2.33% and higher than the national median of 1.02%. This rate reflects the McLean County base levy combined with local school district levies and special service areas that can vary by subdivision throughout the city.
Property tax rates are not uniform across Colfax. Homeowners in ZIP code 61728 carry a median effective rate of 2.09%, and the same ZIP code also reflects the city’s median home price of $117,150 and median tax bill of $2,357. That consistency shows how local assessment rules and district boundaries shape what homeowners pay in McLean County.
Colfax homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the June 1, 2026 deadline each year.
If your estimated bill seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Colfax, Mclean County, Illinois
As noted earlier, local government entities set tax rates, which can vary widely within a state.
Why? Because annually, 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, in a nutshell, this is the annual process.
Below, you can compare Colfax's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S.
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 Colfax Tax Rate
2.09%
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 Mclean County Tax Rate
2.12%
Median Effective Illinois Tax Rate
2.33%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Colfax, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61728 | 1.39% | 1.83% | 2.09% | 2.31% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Mclean County, Illinois
When examining property taxes in Colfax, 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 McLean 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.
Assessment notices:
In McLean County, assessment notices are sent in the spring each year. They'll typically reach your mailbox by the middle of the month when notices are sent.
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 Colfax.
For example, the median home price in Colfax is $117,150, with tax bills ranging significantly across the county. 61728 has the highest median home price at $117,150.
Property Tax Assessment Values Across Colfax, Mclean County, Illinois
Source: Ownwell
$63,309
$192,402
$321,495
Median Colfax Market Value
$117,150
Median Mclean County Market Value
$202,755
Median Illinois Market Value
$227,888
Median United States Market Value
$235,294
Property Tax Assessment Values Across Colfax, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61728 | $52,002 | $74,572 | $117,150 | $169,956 | $226,379 |
Source: Ownwell
Property Tax Bills Across Colfax, Mclean County, Illinois
Property tax bills in Colfax are calculated by applying the local tax rate to a home’s assessed value, which is based on its market value. For homeowners in Colfax, the median home price is $117,150, and the median property tax bill is $2,357. That is close to the national median property tax bill of $2,400, showing that local tax costs are near the U.S. benchmark.
Several factors affect the final bill, including the home’s assessed value, local tax rates, and the taxing jurisdictions that fund services such as schools and public safety. Because taxes are tied to assessed value, changes in market conditions can influence what homeowners owe even if they have not sold their home.
Bills can vary widely from one property to another. In Colfax, the 25th percentile tax bill is $1,381, while the 75th percentile is $3,687 and the 90th percentile reaches $4,998. This means homeowners with higher-valued or more heavily taxed properties may face much larger annual bills.
Median Colfax Tax Bill
$2,357
Median Mclean County Tax Bill
$4,175
Median Illinois Tax Bill
$5,277
Median United States Tax Bill
$2,400
Property Tax Bills Across Colfax, Mclean County, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61728 | $847 | $1,381 | $2,357 | $3,687 | $4,998 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | June 1 |
Links | |
|---|---|
| McLean Tax Assessor | |
| Website | www.mcleancountyil.gov |