Mason, Illinois Property Taxes
The median property tax rate in Mason, IL is 1.33%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Mason at $68,292, the typical annual property tax bill reaches $1,108, exceeding the national median of $2,690. Property taxes in Mason 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 Mason'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 Mason 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
Mason, 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 Mason Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mason with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mason 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 Mason, Illinois
Property taxes in Mason, Illinois, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mason is 1.33%, notably higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Mason set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mason 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 Mason's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62443 zip code has both the highest and lowest median property tax rate of 1.33%. Understanding how these cities compare with Mason provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mason Tax Rate
1.33%
Average Clay County Tax Rate
1.78%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mason, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62443 | 0.85% | 1.22% | 1.33% | 1.75% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Mason, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mason, Illinois. The market value represents 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 local appraisal authorities 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 Mason, 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. The median home price in Mason is $68,292, with tax bills ranging from $562 at the 25th percentile to $2,700 at the 90th percentile. The zip code 62443 has the highest and lowest median tax bill, both at $1,108. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mason Assessed Value
$68,292
Average Clay County Assessed Value
$42,012
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mason, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62443 | $32,235 | $45,002 | $68,292 | $108,790 | $140,573 |
Source: Ownwell
Property Tax Bills Across Mason, Illinois
In Mason, located in Clay County, IL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Homeowners in Mason experience a range of property tax bills, with the 25th percentile at $562 and the 75th percentile at $1,772, while the 90th percentile reaches up to $2,700. These figures illustrate the variability in tax bills due to differences in property values and specific tax rates within the community. For context, the national median property tax rate is 0.99%, and Mason’s property tax bills reflect a localized approach to taxation that can significantly impact homeowners' financial obligations. Property taxes fund essential public services such as schools, infrastructure, and emergency services, making them a crucial aspect of community development and maintenance.
Average Mason Tax Bill
$1,108
Average Clay County Tax Bill
$639
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Mason, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62443 | $333 | $562 | $1,108 | $1,772 | $2,700 |
Source: Ownwell