Real Estate & Tax Revenue in Rural McLean County
Two important topics in rural communities are real estate values and tax revenues, the main sources of funding for public services and school districts. See data on median home values and median gross rents in each community below, as compared to a selected base year.
Both median home values and median gross rent has been going up for McLean County as a whole. Generally, it is better to have more valuable real estate, but it is also important that residents have equitable access to housing that they can afford.
Banner photo by Anthony Meizelis
With a couple of exceptions, tax revenues have remained stagnant in the last few years. Some rural community tax revenues have increased while about an equal number have declined.
Municipal Sales Tax (MT) refers to the portion of sales tax collected for local municipal government use. Municipal Tax is currently a 1% tax on grocery, food & drug, fuel and general merchandise. Each municipality receives 100% of this tax back from Illinois Department of Revenue.
Countywide Sales Tax (CST) refers to the portion of sales tax collected for county government use. Currently, the rate is 0.25% and is charged on grocery, food & drug, fuel and general merchandise. The county receives 100% of this tax back from the Illinois Department of Revenue.