Marengo, Illinois Property Taxes
The median property tax rate in Marengo, IL is 2.72%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Marengo at $130,011, the typical annual property tax bill reaches $3,288, exceeding the national median of $2,690. Property taxes in Marengo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marengo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Marengo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marengo, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Marengo Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Marengo. By simply inputting your property's estimated assessed value, the calculator uses the median tax rate in Marengo to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. The assessed value of your property is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Marengo, Illinois
Property taxes in Marengo, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marengo is 2.72%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Marengo set these rates annually, and they can vary across different neighborhoods. Each year, Marengo estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Marengo's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60152 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with Marengo provides valuable insights into the varying tax landscape across McHenry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marengo Tax Rate
2.72%
Average Boone County Tax Rate
2.69%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | 2.07% | 2.48% | 2.72% | 3.15% | 3.23% |
Source: Ownwell
Property Tax Assessment Values Across Marengo, Illinois
In Marengo, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Boone County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Marengo, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Marengo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Marengo is 60152, with a median tax bill of $3,288.
Average Marengo Assessed Value
$130,011
Average Boone County Assessed Value
$166,186
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $26,072 | $41,946 | $130,011 | $209,991 | $229,829 |
Source: Ownwell
Property Tax Bills Across Marengo, Illinois
In Marengo, located in Boone County, IL, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Marengo is $130,011, and the property tax rate is applied to this assessed value to determine the tax bill. The median property tax bill in this area is $3,288, reflecting the local tax rate and the value of properties. Several factors influence the final tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Marengo can expect their property tax bills to vary, with the 25th percentile paying around $1,319 and the 75th percentile facing bills up to $4,686. The highest tax bills, at the 90th percentile, can reach $5,518. These tax bills significantly impact homeowners' annual expenses, making it essential for them to understand how their property taxes are calculated and what factors contribute to these costs.
Average Marengo Tax Bill
$3,288
Average Boone County Tax Bill
$4,339
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Marengo, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60152 | $842 | $1,319 | $3,288 | $4,686 | $5,518 |
Source: Ownwell