Michael, Illinois Property Taxes
The median property tax rate in Michael, IL is 2.34%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Michael, the typical annual property tax bill reaches $1,395, exceeding the national median of $2,690. Property taxes in Michael 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 Michael'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 Michael 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
Michael, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$1,921
$1,877
Ownwell’s Michael Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Michael with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Michael to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Michael, Illinois
Property taxes in Michael, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Michael is 2.34%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Michael set these rates annually, and they can vary significantly across different neighborhoods. Each year, Michael 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 Michael's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62065 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Michael provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Michael Tax Rate
2.34%
Average Calhoun County Tax Rate
2.36%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Michael, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62065 | 1.48% | 1.65% | 2.34% | 2.53% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Michael, Illinois
In MICHAEL, 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 Calhoun County Appraisal District 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 MICHAEL, 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. For instance, the lowest median tax bill in the area is $1,395 in the 62065 zip code, while the highest median tax bill is also $1,395 in the same zip code. 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 MICHAEL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Michael Assessed Value
$82,092
Average Calhoun County Assessed Value
$86,121
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Michael, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62065 | $24,803 | $50,654 | $82,092 | $135,652 | $257,589 |
Source: Ownwell
Property Tax Bills Across Michael, Illinois
In Michael, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Michael is $82,092. Local tax assessors determine the assessed value, which is then multiplied by the local tax rate to calculate the property tax bill. The national median property tax rate is 0.99%, but rates can vary locally. Several factors influence the tax bill, including property size, location, and any applicable exemptions or abatements. For homeowners in Michael, the 25th percentile tax bill is $838, while the 75th percentile tax bill is $2,907. At the higher end, the 90th percentile tax bill reaches $6,297. These property tax bills significantly impact homeowners, affecting monthly budgets and long-term financial planning. A higher tax bill can be burdensome, while a lower one can make homeownership more affordable. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Michael Tax Bill
$1,395
Average Calhoun County Tax Bill
$1,736
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Michael, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62065 | $315 | $838 | $1,395 | $2,907 | $6,297 |
Source: Ownwell